Daily Pivots: (S1) 0.8481; (P) 0.8505; (R1) 0.8518; More…
Intraday bias in EUR/GBP is back on the downside as choppy fall from 0.8718 resumes. Next target is a test on 0.8470 low. We’d look for strong support from there to bring rebound. On the upside, break of 0.8556 will indicate short term bottoming and turn bias back to the upside for strong rebound. however, sustained break of 0.8470 will resume larger down trend for 0.8276 long term support.
In the bigger picture, price actions from 0.9499 are still seen as developing into a corrective pattern. Deeper fall could be seen as long as 0.8718 resistance holds. However, firm break of 0.8717 would argue that a medium term bottom was already formed. Stronger rise would be seen to 0.8861 support turned resistance to confirm completion of the corrective pattern.
