Daily Pivots: (S1) 0.8516; (P) 0.8542; (R1) 0.8558; More…
EUR/GBP’s fall from 0.8593 accelerates lower today and break of 0.8459 suggests that rebound from 0.8401 has completed. Intraday bias is back on the downside for retesting 0.8401. Also, larger down trend is likely still in progress. Break of 0.8401 will extend the fall form 0.9499 to 0.8276 long term 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 0.8656 resistance holds, towards long term support at 0.8276. However, firm break of 0.8656 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.
