Intraday bias in EUR/GBP is back on the downside with break of 0.8601 support. Sustained trading below 0.8618 fibonacci level should confirm bearish reversal. Next target is 0.8466. For now, risk will stay on the downside as long as 0.8686 resistance holds.
In the bigger picture, focus is staying on 38.2% retracement of 0.8221 to 0.8863 at 0.8618. Strong rebound from there will retain medium term bullishness. Rise from 0.8221 should resume through 0.8863 at a later stage. Nevertheless, sustained break of 0.8618 will confirm that whole rise from 0.8221 has completed at 0.8863. Deeper decline should then be seen to 61.8% retracement at 0.8466 at least.
