Daily Pivots: (S1) 0.8741; (P) 0.8796; (R1) 0.8838; More…
Intraday bias in EUR/GBP stays neutral with focus on 0.8720 resistance turned support. Firm break of 0.8720 will argue that whole rise from 0.8201 has completed in three-wave corrective pattern, and target 55 day EMA (now at 0.8636) first. Strong rebound from current level, will retain near term bullishness. Break of 0.9065 minor resistance will bring retest of 0.9267.
In the bigger picture, as long as 0.8720 resistance turned support holds, rise from 0.8201 is seen as resuming larger up trend from 0.6935 (2015 low). Break of 0.9499 (2020 high) should be seen at a later stage. However, firm break of 0.8720 will argue that sideway pattern from 0.9499 is extending with another falling leg instead.
