Daily Pivots: (S1) 0.8793; (P) 0.8818; (R1) 0.8848; More…
Intraday bias in EUR/GBP remains neutral as it’s bounded in sideway trading between 0.8732/9032 last week. Outlook stays bearish with 0.9032 resistance intact. That is, fall from 0.9305 is expected to resume later. Break of 0.8732 will target 0.8303 key support level. Nonetheless, decisive break of 0.9032 will confirm completion of the decline from 0.9305. In such case, intraday bias will be turned back to the upside for retesting 0.9305 key resistance.
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.
