Daily Pivots: (S1) 0.8567; (P) 0.8608; (R1) 0.8633; More…
Intraday bias in EUR/GBP remains on the downside at this point. With 100% projection of 0.8977 to 0.8717 from 0.8874 at 0.8614 broken, next target is 0.8545 support and then. 161.8% projection at 0.8453. On the upside, break of 0.8717 resistance is needed to confirm short term bottoming. Otherwise, outlook will stay bearish even in case of recovery.
In the bigger picture, current development argues that whole decline from 0.9267 (2022 high) is still in progress. This is part of the long term range pattern from 0.9499 (2020 high). Deeper fall would be seen through 0.8545 support. This will now remain the favored case as long as 0.8874 resistance holds.
