Daily Pivots: (S1) 0.8566; (P) 0.8580; (R1) 0.8598; More…
Intraday bias in EUR/GBP is mildly on the upside for 0.8612 resistance. Break will extend the rebound from 0.8448 to 0.8688 key structural resistance. Sustained break there will be a strong sign of larger bullish reversal. On the downside, however, break of 0.9499 support will bring another fall towards 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.
