Daily Pivots: (S1) 0.8576; (P) 0.8587; (R1) 0.8607; More…
Intraday bias in EUR/GBP stays mildly on the upside at this point. Rebound from 0.8502 would target 0.8657 resistance. Considering bullish convergence condition in 4H and D MACD, firm break of 0.8657 will be a sign of bullish trend reversal. On the downside, break of 0.8502 will resume the whole decline from 0.8977 instead.
In the bigger picture, the down trend from 0.9267 (2022 high) is still in progress. It’s seen as part of the long term range pattern from 0.9499 (2020 high). Deeper fall could be seen towards 0.8201 (2022 low). But strong support should be seen from there to bring reversal. This will now remain the favored case as long as 0.8657 resistance holds.
