EUR/GBP intraday: look for a drop towards 0.8701 before a bounce

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EUR/GBP intraday: look for a drop towards 0.8701 before a bounce Our pivot point is at 0.8701.

Our preference: look for a drop towards 0.8701 before a bounce.

Alternative scenario: below 0.8701, expect 0.8668 and 0.8649.

Comment: the RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI would call for further downside. Moreover, the pair is below its 20 MA (0.8733) but above its 50 MA (0.8719).