Daily Pivots: (S1) 0.8697; (P) 0.8743; (R1) 0.8766; More…
Intraday bias in EUR/GBP is turned neutral first with current steep retreat. Further rise is in favor as long as 0.8705 support holds. Above 0.8788 will resume the rebound from 0.8611 and target a retest on 0.8863 high. However, firm break of 0.8705 will argue that the pattern from 0.8863 is extending with another falling leg. In this case, bias will be turned back to the downside for 0.8611 support instead.
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.
