Daily Pivots: (S1) 0.8502; (P) 0.8524; (R1) 0.8538; More….
EUR/GBP’s fall from 0.8624 resumed by breaking through 0.8507 temporary low as well as 55 D EMA (now at 0.8498. Intraday bias is back on the downs for 61.8% retracement of 0.8382 to 0.8624 at 0.8474. Firm break there will argue that recent down trend is ready to resume through 0.8382 low. For now, risk will stay on the downside as long as 0.8543 minor resistance holds, in case of recovery.
In the bigger picture, while the rebound from 0.8382 is strong, there is no confirmation of trend reversal yet. As long as 0.8643 resistance holds, down trend from 0.9267 could still resume through 0.8382 at a later stage. However, firm break of 0.8643 will indicate that such down trend has completed, and turn outlook bullish for 0.8764 resistance next.
