Daily Pivots: (S1) 0.8535; (P) 0.8559; (R1) 0.8579; More…
Break of 0.8517 in EUR/GBP indicates resumption of recent down trend. Intraday bias is back on the downside for 61.8% projection of 0.8874 to 0.8517 from 0.8650 at 0.8436. On the upside, above 0.8583 minor resistance will turn intraday bias neutral first. But near term outlook will remain bearish as long as 0.8657 resistance holds, in case of recovery.
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 could 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 0.8657 resistance holds.
