Daily Pivots: (S1) 0.8467; (P) 0.8490; (R1) 0.8507; More…
EUR/GBP’s rebound from 0.8401 resumed after brief consolidation and intraday bias is back on the upside. Current rise would now target 0.8656 resistance. Decisive break there will carry larger bullish implication. On the downside, though, break of 0.8459 minor support will bring retest of 0.8401 low instead.
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.
