Daily Pivots: (S1) 0.8535; (P) 0.8557; (R1) 0.8573; More…

EUR/GBP recovers notably today but with 0.8627 resistance intact, choppy decline from 0.8718 could still extend lower to retest 0.8470 low. However, on the upside, break of 0.8627 will turn bias back to the upside for 0.8670 resistance and above instead.

In the bigger picture, price actions from 0.9499 are still seen as developing into a corrective pattern. That is, up trend from 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds. However, firm break of 0.8276 support will suggest that rise from 0.6935 has completed and turn medium term outlook bearish.

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