Daily Pivots: (S1) 0.8796; (P) 0.8820; (R1) 0.8839; More…

EUR/GBP’s decline continues today and dips to 0.8795 so far. Intraday bias stays on the downside. as noted before, rebound from 0.8688 could have completed 0.8928 already. Deeper decline would be seen back to retest 0.8688 first. Firm break there would resume whole fall from 0.9305 to retest 0.8303/12 key support zone. On the upside, above 0.8845 minor resistance will turn intraday bias neutral first. But outlook will remain bearish as long as 0.8928 resistance holds, even in case of recovery.

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 deeper 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.

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EUR/GBP Daily Chart

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