Daily Pivots: (S1) 0.8523; (P) 0.8537; (R1) 0.8564; More…
Intraday bias in EUR/GBP is turned neutral with current recovery. As noted before, with 0.8668 resistance intact, larger fall from 0.9499 is probably still in progress. On the downside, break of 0.8509 will resume the fall from 0.8612 to retest 0.8448 low. On the upside, though, break of 0.8612 will resume the rise from 0.8448 to 0.8668 resistance.
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.
