Daily Pivots: (S1) 0.8778; (P) 0.8807; (R1) 0.8824; More…
Intraday bias in EUR/GBP stays neutral. Further decline remains in favor with 0.8927 resistance intact. On the downside, break of 0.7872 will resume the fall from 0.8977 to 0.8720 support. Firm break there will confirm completion of whole rebound from 0.8545, and turn near term outlook bearish for this support.
In the bigger picture, focus is back on 55 day EMA (now at 0.8807). 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). On the other hand, strong rebound from current level will extend the rise from 0.8545 through 0.8977 at a later stage.
