Daily Pivots: (S1) 0.9108; (P) 0.9138; (R1) 0.9158;
EUR/GBP drops sharply to as low as 0.9024 so far today. The break of 0.9067 support, as well as 55 day EMA, raises the chance that rebound from 0.8670 has completed. Intraday bias is turned back to the downside for 0.8866 support for confirmation. For now, risk will remain mildly on the downside as long as 0.9220 resistance holds, in case of recovery.
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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