Daily Pivots: (S1) 0.8813; (P) 0.8843; (R1) 0.8873; More…
EUR/GBP recovers after hitting 0.8808. Intraday bias is turned neutral first. Rebound form 0.8688 should have completed at 0.8923. Below 0.8808 will turn bias back to the downside for retesting 0.8688. Break will resume whole decline from 0.9305 and target 0.8303 key support around. This will be the favored case as long as 0.8923 resistance holds.
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 deeper 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.
