Daily Pivots: (S1) 0.8222; (P) 0.8263; (R1) 0.8324; More…
A temporary low is formed at 0.8201 in EUR/GBP and intraday bias is turned neutral first. Further decline is expected as long as 0.8304 support turned resistance holds. Break of 0.8201 will resume larger down trend. Nevertheless, firm break of 0.8304 will indicate short term bottoming and bring stronger rise to 0.8405 resistance.
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.
