Daily Pivots: (S1) 0.8526; (P) 0.8545; (R1) 0.8585; More…
EUR/GBP’s break of 0.8556 resistance suggests that fall form 0.8668 has completed at 0.8448 already. Intraday bias is back on the upside for 0.8668 resistance first. Decisive break there will be a strong sign of near term bullish reversal at least. On the downside, break of 0.8534 resistance turned support will mix up the near term outlook again and turn intraday bias neutral first.
In the bigger picture, price actions from 0.9499 (2020 high) are still seen as developing into a corrective pattern. Deeper fall could be seen as long as 0.8718 resistance holds, towards long term support at 0.8276. However, firm break of 0.8668 resistance 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.
