Daily Pivots: (S1) 0.9147; (P) 0.9183; (R1) 0.9244;
EUR/GBP’s rally extended further to as high as 0.9297 today and met mentioned target of 61.8% retracement of 0.9799 to 0.8399 at 0.9264 before treating mildly. Intraday bias remains on the upside for the moment. Sustained trading above 0.9264 will target 0.9494 resistance next. On the downside, below 0.9153 minor support will turn intraday outlook neutral and bring consolidation. But downside should be contained by 0.8983 support and bring rally resumption.
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