Daily Pivots: (S1) 0.8943; (P) 0.8976; (R1) 0.9022; More…

EUR/GBP’s strong break of 0.9004 resistance suggests that pull back from 0.9291 has completed at 0.8861. Choppy rebound from 0.8670 is possibly resuming. Intraday bias is back on the upside for 0.9291 resistance first. Break will target 0.9499 high. On the downside, below 0.9004 resistance turned support will turn intraday bias neutral again first.

In the bigger picture, at this point, we’re seeing the price actions from 0.9499 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. Decisive break of 0.9499 will target 0.9799 (2008 high).

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