Daily pivots: (S1), 0.8588. (P) 0.8616. (R1) 0.7988. More
With 4 hours MACD signal line crossed above, a temporary low formed at 0.8589 in EUR/GBP and intraday bias is neutral.Note that another case remains mild for as long as 0.8816 resistance possession and under 0.8589 will focus on 0.8530. Nevertheless, break of 0.8816 will enter the withdrawal from 0.8940 is finished and will give stronger rise to be tested again so high.
In the bigger picture, the entire decline from 2008 high of 0.9799 is seen as a three-wave correction that the greater the trend and possibly carried out by three waves down to 0.8067 already.The focus will now be on trend line resistance (now at 0.8895).Sustained break it will signal that long term up trend continues for another high above 0.9799. The downside over, break resistance 0.8530 enabled support will alleviate this perception and specify that the EUR/GBP cannot have stabilised yet; however, note that we also in another case, would continue to look for reverse signal inside 0.7693/8186 support zone.
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