Daily Pivots: (S1) 0.8475; (P) 0.8487; (R1) 0.8500; More…
Intraday bias in EUR/GBP remains neutral for consolidation above 0.8471 temporary low. Further decline is expected as long as 55 day EMA (now at 0.8543) holds. On the downside, below 0.8471 will resume the fall from 0.8656 to retest 0.8448 low. Firm break there resume larger down trend from 0.9499, towards 0.8276 key support.
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.
