Daily Pivots: (S1) 0.8557; (P) 0.8599; (R1) 0.8672; More…
EUR/GBP’s rebound from 0.8448 resumed by breaking 0.8612 resistance. Intraday bias is back on the upside for 0.8668 key structural resistance next. Sustained break there will be a strong sign of larger bullish reversal. Next target will be 161.8% projection of 0.8448 to 0.8612 from 0.8499 at 0.8764.
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.
