Daily Pivots: (S1) 0.8400; (P) 0.8416; (R1) 0.8433; More…
A temporary low is in place at 0.8392 in EUR/GBP and intraday bias is turned neutral first. For now, further decline is expected as long as 0.8786 resistance holds. Sustained break of 0.8411 fibonacci level will target 161.8% projection of 0.9324 to 0.8786 from 0.9019 at 0.8149 next.
In the bigger picture, correction from 0.9324 medium term top is still in progress. Based on current downside momentum, sustained break of 38.2% retracement of 0.6935 to 0.9324 at 0.8411 would pave the way to 61.8% retracement at 0.7848. In any case, further decline would remain in favor as long as 0.8786 support turned resistance holds, even in case of strong rebound.
