Daily Pivots: (S1) 0.8641; (P) 0.8669; (R1) 0.8695; More…
Intraday bias in EUR/GBP remains neutral for the moment. Risk will stay on the upside as long as 0.8618 support holds. Break of 0.8695 will resume the rebound from 0.8618 to 0.8740 resistance. Decisive break there should pave the way through 0.8788 to retest 0.8863 high.
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.
