EUR/GBP Daily Analysis
Intraday bias in EUR/GBP remains neutral for the moment. On the upside, the break of 0.8827 will resume the rise from 0.8570 to 0.8869. A sustained break there will pave the way back to a retest of 0.9267 high. On the downside, below 0.8689 minor support will turn the bias back to the downside for 0.8570 instead.
In the bigger picture, current development suggests that a fall from 0.9267 is a down leg inside a long-term range pattern. A deeper fall could be seen towards the 0.8201/8338 support zone. But strong support should be seen there to bring reversal. Nevertheless, a firm break of 0.8869 resistance will turn favor to the case that such a decline is merely a correction in the up trend from 0.8201. That is, a further rally would be seen at a later stage through 0.9267.
