Daily Pivots: (S1) 0.8418; (P) 0.8431; (R1) 0.8453; More…
EUR/GBP’s recovery from 0.8338 is still in progress but intraday bias remains neutral. While stronger recovery might be seen, outlook will stay bearish as long as 0.8585 resistance holds. On the downside, break of 0.8338 will resume the decline from 0.8720 to retest 0.8201 low.
In the bigger picture, current development suggests rejection by 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Medium term bearishness is maintained. Break of 0.8201 will resume larger down trend from 0.9499 (2020 high). Nevertheless, sustained break of 0.8697 will affirm the case that rise from 0.8201 is a medium term up trend itself.
