Daily Pivots: (S1) 0.8693; (P) 0.8718; (R1) 0.8760; More…
Intraday bias in EUR/GBP remains on the upside as rebound from 0.8610 support extends. Further rally should be seen to 0.8788 resistance. Firm break there should confirm completion of the correction from 0.8863, and bring retest of this high. On the downside, below 0.8675 support will turn bias neutral first.
In the bigger picture, strong support was seen again from 38.2% retracement of 0.8821 to 0.8863 at 0.8618. Break of 0.8788 resistance will argue that larger rise from 0.8221 might be resume to resume through 0.8863. Nevertheless, sustained trading below 0.8618 should confirm reversal, and bring deeper fall to 61.8% retracement at 0.8466 at least.
