Daily Pivots: (S1) 0.8461; (P) 0.8476; (R1) 0.8498; More…
EUR/GBP’s break of 0.8448 low confirms resumption of whole down trend from 0.9499. Intraday bias stays on the downside, and deeper fall would be seen towards 0.8276 key long term support. For now, break of 0.8516 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
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.
