EUR/GBP is holding above key support at 0.8912. The decline from 0.9175 is now losing downside momentum which could indicate a corrective bottom being in place. However, it will take a break above minor resistance at 0.9010 and more importantly a break above resistance at 0.9068 to confirm that a corrective low has been seen and a new impulsive rally is developing.
EUR/GBP may break below key-support at 0.8912 that will call for renewed downside pressure to 0.8347.
R3: 0.9068
R2: 0.9011
R1: 0.8969
Pivot: 0.8945
S1: 0.8912
S2: 0.8864
S3: 0.8807
Trading recommendation:
We bought EUR at 0.8646 and we have placed a stop of position to short at 0.8610.
