Daily Pivots: (S1) 0.8974; (P) 0.8996; (R1) 0.9025; More.

EUR/GBP's rebound from 0.8850 extends further to as high as 0.9017 so far and the break of 0.8990 resistance suggests that fall from 0.9153 has completed already. Intraday bias remains on the upside for the moment and further rise could be seen to 0.9153 resistance first. On the downside, though, below 0.8965 minor support will flip intraday bias back to the downside for retesting 0.8830 support.

In the bigger picture, medium term 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. Such rise should target a test on 0.9799 first after completing the correction from 0.9410, which should be contained by 0.8704 support. Break of 9799 will bring rally to next medium term target at 61.8% projection of 0.6535 to 0.9799 from 0.8399 at 1.0416.

However a break of 0.8704 support will argue that firstly, rise from 0.8399 has completed at 0.9410 already. Secondly, this will indicate that correction from 0.9799 is still in progress for another low below 0.8399 before completion.