Daily Pivots: (S1) 0.8394; (P) 0.8417; (R1) 0.8429; More…
EUR/GBP’s rebound from 0.8338 could have completed at 0.8491 already. Intraday bias is mildly on the downside for 0.8338 support first. Decisive break there will resume the fall from 0.8720 to retest 0.8201 low. On the upside, above 0.8439 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 0.8491 resistance holds.
In the bigger picture, current development suggests rejection by 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Medium term bearishness is maintained. Break of 0.8201 will resume larger down trend from 0.9499 (2020 high). Nevertheless, sustained break of 0.8697 will affirm the case that rise from 0.8201 is a medium term up trend itself.
