Daily Pivots: (S1) 0.8545; (P) 0.8570; (R1) 0.8584; More…
While EUR/GBP recovers ahead of 0.8548, further decline is still expected with 0.8619 resistance intact. Firm break of 0.8548 will argue that larger down trend is ready to resume through 0.8491 low. However, break of 0.8619 will dampen this view and turn bias back to the upside for stronger rebound.
In the bigger picture, fall from 0.8764 is seen as another leg in the whole down trend from 0.9267 (2022 high). Outlook will stay bearish as long as 0.8764 resistance holds. Break of 0.8491 will target 61.8% projection of 0.8977 to 0.8491 from 0.8764 at 0.8464.
