Daily Pivots: (S1) 0.8407; (P) 0.8422; (R1) 0.8430; More….
Intraday bias in EUR/GBP remains on the downside at this point. Corrective recovery form 0.8396 should have completed at 0.8498 after rejection by 55 D EMA. Deeper fall would be seen to retest 0.8396 support first. Firm break there will resume larger down trend. On the upside, above 0.8438 minor resistance will delay the bearish case and turn intraday bias neutral first.
In the bigger picture, down trend from 0.9267 (2022 high) is in progress. Next target is 100% projection of 0.8764 to 0.8497 from 0.8643 at 0.8376. Sustained break there will target 161.8% projection at 0.8211 next. For now, outlook will remain bearish as long as 0.8643 resistance holds, even in case of stronger rebound.
