Daily Pivots: (S1) 0.9164; (P) 0.9231; (R1) 0.9270
With 4 hours MACD dragged below signal line, an intraday top should be in place in EUR/GBP at 0.9297. Some consolidation could now be seen but after all, pull back is expected to be contained by 0.8983/9081 support zone and bring rally resumption. Above 0.9297 will target 0.9494 resistance next.
In the bigger picture, correction from 0.9799 has completed with three waves down to 0.8399 already and rise from there is tentatively treated as resumption of long term up trend. Break of 0.9799 bring rally to next medium term target at 61.8% projection of 0.6535 to 0.9799 from 0.8399 at 1.0416. On the downside, below 0.8983 will indicate that a short term top is formed and some lengthier consolidation would be seen. But after all, we’ll hold on to this bullish view as long as 0.8722 support holds.
Source: ActionForex