Daily Pivots: (S1) 0.8458; (P) 0.8485; (R1) 0.8517; More…
Intraday bias in EUR/GBP remains mildly on the upside at this point. Current development argues that choppy fall from 0.8720 might be completed. Firm break of 100% projection of 0.8338 to 0.8491 from 0.8386 at 0.8539 will affirm this bullish case, and prompt upside acceleration to 161.8% projection at 0.8634 and above. On the downside, break of 0.8386 will resume the fall from 0.8720 through 0.8338 low instead.
In the bigger picture, medium term bearishness is maintained with prior rejection by 38.2% retracement of 0.9499 to 0.8201 at 0.8697. 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.
