Daily Pivots: (S1) 0.8899; (P) 0.8923; (R1) 0.8950; More…
Intraday bias in EUR/GBP stays neutral but with 0.9032 resistance intact, deeper decline is in favor. Below 0.8857 will bring retest of 0.8745 first. Break there will extend the fall from 0.9032 to 61.8% projection of 0.9305 to 0.8745 from 0.9032 at 0.8686, and then 100% projection at 0.8472. However, firm break of 0.9032 will turn focus back to 0.9305 high instead.
In the bigger picture, there are various ways to interpret price actions from 0.9304 high. But after all, firm break of 0.9304/5 is needed to confirm up trend resumption. Otherwise, range trading will continue with risk of another fall. And in that case, EUR/GBP could have a retest on 0.8303. But we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside.
