Daily Pivots: (S1) 0.8372; (P) 0.8404; (R1) 0.8423; More…
Intraday bias in EUR/GBP remains on the downside at this point. The current down trend from 0.9499 would target 0.8276 long term support next. On the upside, above 0.8433 minor resistance will turn intraday bias neutral for recovery first. But outlook will stay bearish as long as 0.8593 resistance holds.
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.
