Daily Pivots: (S1) 0.8410; (P) 0.8447; (R1) 0.8466; More…
Intraday bias in EUR/GBP stays on the downside for retesting 0.8401 low. Decisive break there will resume larger down trend from 0.9499, and target 0.8276 long term support next. On the upside, though, break of 0.8477 minor resistance will delay the bearish case and turn intraday bias neutral first.
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.
