Daily Pivots: (S1) 0.8778; (P) 0.8807; (R1) 0.8824; More…
EUR/GBP’s fall from 0.8977 resumed today by breaking through 0.8782. Intraday bias is back on the downside for 0.8270 support. Firm break there should confirm completion of whole rebound from 0.8545, and turn near term outlook bearish for this support. For now, outlook will stay cautiously bearish as long as 0.8834 resistance holds, in case of recovery.
In the bigger picture, current development suggests that fall from 0.9267 (2022 high) is still in progress. Such decline is seen as a leg inside long term range pattern from 0.9499 (2020 high). Break of 0.8545 will target 100% projection of 0.9267 to 0.8545 from 0.8977 at 0.8255. On the other hand, strong rebound from current level will extend the rise from 0.8545 through 0.8977 at a later stage.
