Daily Pivots: (S1) 0.8879; (P) 0.8899; (R1) 0.8914; More…

EUR/GBP’s break of 0.8861 support suggests that corrective rebound from 0.8670 has completed. Sustained trading below this support will confirm and target 0.8670 support next. On the downside, though, break of 0.8923 minor resistance will dampen this bearish case and turn bias back to the upside for rebound first.

In the bigger picture, 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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