Daily Pivots: (S1) 0.8679; (P) 0.8710; (R1) 0.8757; More…
Intraday bias in EUR/GBP is turned neutral with a temporary low for at 0.8666. 0.8686 key support level was breached briefly, without sustained trading below. Hence, there is no confirmation of resumption of fall from 0.9305. On the upside, break of 0.8757 minor resistance will turn bias back to the upside to extend recent sideway pattern with another rise, towards 0.8967. Nonetheless, break of 0.8666 again and sustained trading below 0.8686 will resume whole fall from 0.9305 and target 0.8303 key support next.
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.
