Daily Pivots: (S1) 0.8877; (P) 0.8954; (R1) 0.8995; More…
The sharp decline from 0.9032 argues that rebound from 0.8745 could have completed. Intraday bias in EUR/GBP is turned back to the downside for 0.8745. Break there will resuming the whole fall from 0.9305 towards 0.8303/12 key support level. On the upside, above 0.9032 will resume the rebound from 0.8745 through 61.8% retracement of 0.9305 to 0.8745 at 0.9091 for retesting 0.9305.
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.
