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EUR/GBP: Downside potential on intraday level

After a strong session on Friday, the EUR/GBP kick started the week on a negative footing. At 0.8437 this morning we remain within the consolidation area seen in May between 0.84 and 0.85. We therefore expect to see some more noise here. For a clear direction, we need to see a breakout of either level before we can define the daily chart. In the meantime we expect a re-test of the key support level at 0.84. A break below that area would be strongly negative for the pair opening the door for the next support level sitting at the 0.827 area. In the alternative scenario, the upside penetration of 0.85 would call for 0.857. In the meantime, the pair is currently ideal for scalping.

Dafni Serdari
Market Analyst
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