Daily Pivots: (S1) 0.8718; (P) 0.8738; (R1) 0.8769; More…
Intraday bias in EUR/GBP remains on the upside as rise from 0.8611 is in progress for retesting 0.8863 high. Decisive break there will confirm up trend resumption, carries larger bullish implications. For now, further rally is expected as long as 0.8705 support holds, in case of retreat.
In the bigger picture, current development suggests that rise from 0.8221 medium term bottom is still in progress. Decisive break of 61.8% retracement of 0.9267 to 0.8221 at 0.8867 should confirm that it’s reversing whole down trend from 0.9267. That should pave the way back to 0.9267.
