Daily Pivots: (S1) 0.8948; (P) 0.8980; (R1) 0.9037; More…
EUR/GBP’s rebound from 0.8857 extends higher today but it’s still limited below 0.9032 resistance. Intraday bias remains neutral first. Break of 0.9032 will resume the rebound from 0.8745 and target 100% projection of 0.8745 to 0.9032 from 0.8857 at 0.9144. On the downside, below 0.8857 will likely resume whole fall from 0.9305 through 0.8745 low.
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.
