Daily Pivots: (S1) 0.8473; (P) 0.8488; (R1) 0.8516; More…
Intraday bias in EUR/GBP is turned neutral with current recovery. But outlook will stay mildly bearish as long as 0.8556 resistance holds. On the downside, break of 0.8448 will resume the whole decline from 0.9799, to retest 0.8276 key long term support level.
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.
