Daily Pivots: (S1) 0.8454; (P) 0.8467; (R1) 0.8484; More…
EUR/GBP’s break of 0.8470 support indicates resumption of whole fall from 0.9799. Intraday bias stays on the downside. Deeper fall would be seen to long term key support level at 0.8276 next. On the upside, break of 0.8556 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, price actions from 0.9499 are still seen as developing into a corrective pattern. Further decline is expected as long as 0.8668 resistance holds, to retest long term support at 0.8276. We’d look for strong support from there to bring rebound. On the upside, firm break of 0.8668 resistance would now be the first sign of medium term bullish reversal.
