Daily Pivots: (S1) 0.8641; (P) 0.8669; (R1) 0.8695; More…
EUR/GBP retreated after hitting 0.8695 and intraday bias is turned neutral first. Risk is mildly on the upside as long as 0.8618 support holds. Above 0.8695 will target 0.8740 first. Firm break there will target 0.8788 resistance next.
In the bigger picture, focus is back on 38.2% retracement of 0.8821 to 0.8863 at 0.8618. Strong rebound from there will retain medium term bullishness. Rise from 0.8221 should resume through 0.8863 at a later stage. Nevertheless, sustained break of 0.8618 will confirm that whole rise from 0.8221 has completed at 0.8863. Deeper decline should then be seen to 61.8% retracement at 0.8466 at least.
