Daily Pivots: (S1) 0.8467; (P) 0.8490; (R1) 0.8507; More…
Intraday bias in EUR/GBP is turned neutral as rebound from 0.8401 lost momentum. On the upside, break of 0.8512 will resume the rebound to 0.8656 resistance. Rejection by 55 day EMA (now at 0.8506) will retain near term bearishness. Further break of 0.8401 low will resume larger down trend from 0.9499 to 0.8276 key long term support next.
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.
