Daily Pivots: (S1) 0.8546; (P) 0.8571; (R1) 0.8612; More…
EUR/GBP’s break of 0.8561 minor resistance suggests that pull back from 0.8612 has completed. Intraday bias is back on the upside for 0.8612 first. Break there will resume whole rebound from 0.8448 to 0.8668 key structural resistance next. However, below 0.8499 will bring another fall towards 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.
