Daily Pivots: (S1) 0.8481; (P) 0.8491; (R1) 0.8511; More…
Intraday bias in EUR/GBP is turned neutral with current recovery. Some consolidations could be seen but risk will stay on the downside as long as 0.8656 resistance holds. Below 0.8471 will bring retest of 0.8448 low first. Firm break there resume larger down trend from 0.9499, towards 0.8276 key support.
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.
