Daily Pivots: (S1) 0.8798; (P) 0.8836; (R1) 0.8859; More…
Break of 0.8847 minor support suggests that rebound form 0.8688 has completed at 0.8923. More importantly, the decline from 0.9305 is possibly still in progress. Intraday bias is back on the downside for 0.8688 support first. Break will 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.
