Daily Pivots: (S1) 0.8713; (P) 0.8741; (R1) 0.8794; More…
EUR/GBP’s strong rebound and firm break of 0.8739 indicates near term reversal. And whole decline from 0.9305 has likely completed after hitting 61.8% projection of 0.9305 to 0.8745 from 0.8967 at 0.8621. Intraday bias is back on the upside for 0.8796 first. Firm break there will target key cluster resistance at 0.8967 (50% retracement of 0.9305 to 0.8620 at 0.8963) next. On the downside, break of 0.8688 minor support will dampen the bullish case and turn focus back to 0.8620 instead.