Daily Pivots: (S1) 0.8869; (P) 0.8899; (R1) 0.8924; More…
Intraday bias in EUR/GBP remains on the downside for the moment. As noted before, recovery from 0.8745 is completed at 0.9032. Deeper fall would be seen to retest 0.8745 first. Break will resume whole decline from 0.9305 and target 61.8% projection of 0.9305 to 0.8745 from 0.9032 at 0.8686. On the upside, break of 0.9032 is needed to confirm resumption of the rebound. Otherwise, risk will stay on the downside in near term.
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 0.8303. 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.
