Daily Pivots: (S1) 0.8867; (P) 0.8879; (R1) 0.8888; More…
EUR/GBP’s fall from 0.8977 resumed by breaking through 0.8802 today. The development now argues that whole rebound from 0.8545 has completed. Intraday bias is back on the downside for 0.8720 support first. Break there will bring deeper decline to retest 0.8545. For now, risk will stay on the downside as long as 0.8927 resistance holds, in case of recovery.
In the bigger picture, focus is back on 55 day EMA (now at 0.8804). Sustained trading below there will argue that fall from 0.9267 is in progress. Such decline is seen as a leg inside long term range pattern from 0.9499 (2020 high). Break of 0.8545 will pave the way back to 0.8201 (2022 low).
