Daily Pivots: (S1) 0.8558; (P) 0.8582; (R1) 0.8624; More…
Intraday bias in EUR/GBP is turned neutral with current recovery. Outlook will stay bearish as long as 0.8634 resistance holds. Break of 0.8538 will resume larger decline from 0.8977 to 161.8% projection of 0.8977 to 0.8717 from 0.8874 at 0.8453. However, considering bullish convergence condition in 4H MACD, firm break of 0.8634 will indicate short term bottoming and turn bias to the upside for stronger rebound.
In the bigger picture, the down trend from 0.9267 (2022 high) is still in progress. It’s seen as part of the long term range pattern from 0.9499 (2020 high). Deeper fall would be seen towards 0.8201 (2022 low). But strong support should be seen from there to bring reversal. This will now remain the favored case as long as 0.8717 support turned resistance holds.
