Daily pivots: (S1) 0.8936; (P) 0.8968; (R1) 0.8990; More…
EUR / GBP lost its upward momentum after failing to maintain a 38.2% retracement from 0.9499 to 0.8670 to 0.8897 and fell. The intraday bias first became neutral. A further increase is still in favor at the moment. A sustained break out of 0.8987 will indicate the completion of the entire fall of 0.9499. A new rally should be observed for a 61.8% retracement at 0.9182 and above. However, a firm break of 4 hours 55 EMA (now at 0.8884) will suggest the completion of the rebound of 0.8670. The intraday bias will come back down to retest the lowest of 0.8670.
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) should resume again 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.
