Daily Pivots: (S1) 0.8927; (P) 0.8941; (R1) 0.8956; More…
EUR/GBP’s rise from 0.8475 resumes today and reaches as high as 0.9015 so far. Intraday bias is back on the upside for 61.8% retracement of 0.9305 to 0.8745 at 0.9091. Decisive break there will bring retest of 0.9305 high. On the downside, break of 0.8905 minor support is needed to indicate completion of the rebound. Otherwise, further rise will remain in favor in case of retreat.
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.
