Daily Pivots: (S1) 0.8585; (P) 0.8606; (R1) 0.8638; More…
EUR/GBP is losing downside momentum but further decline is expected with 0.8779 resistance intact. Current decline from 0.9267 should target 0.8201/8388 support zone. However, break of 0.8770 will turn bias back to the upside for 0.8869 resistance and above.
In the bigger picture, current development suggests that fall from 0.9267 is a down leg inside long term range pattern. Deeper fall could be seen towards 0.8201/8338 support zone. But strong support should be seen there to bring reversal.
