Daily Pivots: (S1) 0.8529; (P) 0.8551; (R1) 0.8566; More…

Intraday bias in EUR/GBP stays neutral first, with mixed near term outlook. On the upside, firm break of 0.8670 resistance will revive that case that rebound from 0.8470 is resuming. Intraday bias will be turned back to the upside for 0.8718 resistance first. However, break of 0.8502 will resume the choppy corrective fall from 0.8718 towards 0.8470 low.

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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