Daily Pivots: (S1) 0.8797; (P) 0.8825; (R1) 0.8879; More…
The break of 0.8852 minor resistance argues that EUR/GBP’s corrective fall from 0.8977 has completed, after touching 0.8720 support. Intraday bias is back on the upside for 0.8924 resistance first. Firm break there should resume larger rise from 0.8545 through 0.8977 high. This will continue to be the favored case as long as 0.8270 support holds.
In the bigger picture, outlook is rather mixed for now, except that price actions from 0.9267 (2022 high) are part of the long term range pattern from 0.9499 (2020 high). With 0.8720 support intact, rise from 0.8545 is in favor to continue through 0.8977. However, firm break of 0.8720 will argue that such rebound has completed, and open up deeper fall through this support level.
