Daily Pivots: (S1) 0.8229; (P) 0.8262; (R1) 0.8294; More…
Intraday bias in EUR/GBP remains on the downside at this point. Next near term target is 161.8% projection of 0.8476 to 0.8304 from 0.8405 at 0.8127. On the upside, break of 0.8304 support turned resistance is needed to be the first sign of short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, the down trend from 0.9499 is expected to continue as long as 0.8476 resistance holds. Sustained trading below 0.8276 support will argue that the whole up trend from 0.6935 (2015 low) has reversed. Deeper fall should be seen to 61.8% retracement of 0.6935 to 0.9499 at 0.7917 next.
