Daily Pivots: (S1) 0.8571; (P) 0.8587; (R1) 0.8596; More…
EUR/GBP continues to lose upside momentum as seen in 4 hour MACD. But further rise is still mildly in favor with 0.8561 minor support intact. Rebound from 0.8448 would target 0.8668 resistance. Firm break there will be a strong sign of near term bullish reversal at least. Next target is 0.8718 resistance. On the downside, break of 0.8561 support, however, would argue that the rebound has completed, and turn bias back to the downside for retesting 0.8448 low.
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.
