Daily Pivots: (S1) 0.8662; (P) 0.8689; (R1) 0.8729; More…
EUR/GBP’s rebound from 0.8618 resumed after brief retreat and intraday bias is back on the upside. Further rise should be seen to 0.8740 resistance turned. Decisive break there should pave the way through 0.8788 to retest 0.8863 high. On the downside, below 0.8695 resistance turned support will turn bias neutral again.
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.
