Daily Pivots: (S1) 0.8804; (P) 0.8819; (R1) 0.8829; More…
Intraday bias in EUR/GBP remains on the downside for the moment. Rebound form 0.8688 should have completed at 0.8923. Deeper fall should be seen to 0.8688. Break will resume whole decline from 0.9305 and target 0.8303 key support around. This will now 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.
