Daily Pivots: (S1) 0.8410; (P) 0.8447; (R1) 0.8466; More…
EUR/GBP’s break of 0.8401 support indicates resumption of larger down trend from 0.9499. Intraday bias stays on the downside. Deeper fall would now be seen towards 0.8276 long term support next. On the upside, however, break of 0.8460 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.
