Daily pivots: (S1) 0.8936; (P) 0.8954; (R1) 0.8977; More…
The intraday bias in EUR / GBP remains neutral for a consolidation below 0.9000 temporary peak. On the upside, a firm break of the 38.2% retracement from 0.9499 to 0.8670 to 0.8987 will indicate the completion of the complete fall from 0.9499. A new rally should be observed for a 61.8% retracement at 0.9182 and above. However, a sustained break of 4 hours 55 EMA (now at 0.8906) will suggest the completion of the rebound from 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 at a later stage after a 61.8% projection 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.
