Daily Pivots: (S1) 0.8685; (P) 0.8707; (R1) 0.8734; More…
EUR/GBP is extending the consolidation pattern from 0.8577 and intraday bias remains neutral. Further decline is expected with 0.8869 resistance intact. On the downside, break of 0.8577 will resume the fall from 0.9267, and target 61.8% projection of 0.9267 to 0.8647 from 0.8869 at 0.8486.
In the bigger picture, current development suggests that fall from 0.9267 is a down leg inside long term range pattern. Deeper fall could be seen towards 0.8201/8338 support zone. But strong support should be seen there to bring reversal.
