Daily Pivots: (S1) 0.8435; (P) 0.8449; (R1) 0.8474; More…
Intraday bias in EUR/GBP is turned neutral with current recovery, and some consolidations could be seen. But further fall is still expected. Break of 0.8420 temporary low will resume the larger down trend from 0.9499 to 0.8276 key long term support next. On the upside, though, sustained break of 55 day EMA (now at 0.8533) will bring stronger rebound back to 0.8656 resistance.
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 0.8656 resistance holds, towards long term support at 0.8276. However, firm break of 0.8656 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.
