Daily Pivots: (S1) 0.8485; (P) 0.8493; (R1) 0.8507; More…
Intraday bias in EUR/GBP stays on the downside with 0.8525 minor resistance intact. Deeper fall should be seen to retest 0.8448 low first. Firm break there resume larger down trend from 0.9499, towards 0.8276 key support. On the upside, above 0.8543 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 0.8656 resistance holds.
In the bigger picture, price actions from 0.9499 (2020 high) are still seen as developing into a corrective pattern. Deeper fall could be seen as long as 0.8668 resistance holds, towards long term support at 0.8276. However, firm break of 0.8668 resistance would argue that a medium term bottom was already formed. Stronger rise would be seen to 0.8861 support turned resistance to confirm completion of the corrective pattern.
