Daily pivots: (S1) 0.8866; (P) 0.8903; (R1) 0.8976; More…
The intraday bias in EUR / GBP remains on the rise at this stage. The short term rebound from 0.8670 is underway for a 38.2% retracement from 0.9499 to 0.8670 to 0.8987. A firm break should also indicate the end of the entire fall from 0.9499. A new rally should be observed for a 61.8% retracement at 0.9182 and above. Downward, however, breaking the minor support of 0.8825 will transform the bias downward to retest 0.8670 instead.
Overall, although the decline of 0.9499 is deep, there is still no sign of a trend reversal. The upward trend of 0.6935 (2015 low) is expected to resume later at a projection of 61.8% from 0.6935 to 0.9263 from 0.8276 to 0.9715. This will remain the privileged case as long as the support at 0.8276 is maintained.
