Daily Pivots: (S1) 0.8640; (P) 0.8661; (R1) 0.8691; More…
EUR/GBP lost downside momentum well ahead of 0.8570 support, as seen in 4 hour MACD. Intraday bias is turned neutral again first. On the downside, firm break of 0.8570 will resume the whole decline form 0.9267, towards 0.8338 support. On the upside, above 0.8827 will resume the rebound from 0.8570 and flip bias back to the upside instead.
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. Nevertheless, firm break of 0.8869 resistance will turn favor to the case that such decline is merely a correction in the up trend from 0.8201. That is, further rally would be seen at a later stage through 0.9267.
