Daily Pivots: (S1) 0.8581; (P) 0.8592; (R1) 0.8610; More…
With 0.8541 support intact, EUR/GBP’s rise from 0.8448 is in progress for 0.8668 resistance. Decisive break there will be a strong sign of near term bullish reversal at least. Further rally would be seen to 0.8861 support turned resistance. On the downside, however, break of 0.8534 will turn bias back to the downside for retesting 0.8448 low instead.
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 0.8668 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.
