Daily Pivots: (S1) 0.8927; (P) 0.8941; (R1) 0.8956; More…
Intraday bias in EUR/GBP remains neutral for the moment. Another rise will be mildly in favor as long as 0.8849 minor support holds. Above 0.8991 will target 61.8% retracement of 0.9305 to 0.8745 at 0.9091. Break there will target a retest on 0.9305 high. However, break of 0.8849 will suggests that rebound form 0.8745 has completed. And, intraday bias will be flipped back to the downside to extend the fall from 0.9305 through 0.8745.
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 another fall. And in that case, EUR/GBP could have a retest on 0.9303 low. 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.
