Daily Pivots: (S1) 0.8617; (P) 0.8643; (R1) 0.8658; More…
Intraday bias in EUR/GBP remain neutral and more consolidations could be seen. Another recovery cannot be ruled out. But upside should be well below 0.8796 resistance to bring fall resumption. Break of 61.8% projection of 0.9305 to 0.8745 from 0.8967 at 0.8621 will pave the way to 100% projection at 0.8407.
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.
