Daily Pivots: (S1) 0.8687; (P) 0.8700; (R1) 0.8715; More…
Decline from 0.8788 is in progress and intraday bias in EUR/GBP remains mildly on the downside. The pattern from 0.8863 could already be in the third leg. Deeper fall would be seen back to 0.8611 support. On the upside, above 0.8711 minor resistance will turn intraday bias neutral again first.
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. However, sustained break of 0.8611 support will indicate rejection by 0.8867 and indicate bearish reversal.
