Daily Pivots: (S1) 0.8701; (P) 0.8735; (R1) 0.8756; More…
Intraday bias in EUR/GBP remains on the downside at this point. Choppy decline form 0.8977 is resuming and would target 100% projection of 0.8977 to 0.8717 from 0.8874 at 0.8614. On the upside, above 0.8766 minor resistance will turn intraday bias neutral first.
In the bigger picture, outlook remains rather mixed for now, except that price actions from 0.9267 (2022 high) are part of the long term range pattern from 0.9499 (2020 high). With 0.8720 support intact, rise from 0.8545 is in favor to continue through 0.8977. However, firm break of 0.8720 will argue that such rebound has completed, and open up deeper fall through this support level.
