Daily Pivots: (S1) 0.8396; (P) 0.8416; (R1) 0.8433; More…
The break of 4 hour 55 EMA suggests that stronger rebound is in progress in EUR/GBP. Intraday bias is mildly on the upside for 55 day EMA (now at 0.8485). Break there will target 0.8593 structural resistance. On the downside, though, break of 0.8379 will resume larger down trend towards 0.8276 key long term support.
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 0.8593 resistance holds, towards long term support at 0.8276. We’d look for bottoming signal around there to bring reversal. However, sustained break of 0.8276 will but a sign of long term bearish reversal.
