Daily Pivots: (S1) 0.8612; (P) 0.8636; (R1) 0.8653; More…
EUR/GBP’s break of 0.8619 minor support argues that rebound from 0.8502 has completed at 0.8700, ahead of 0.8717 support turned resistance. Intraday bias is back on the downside for retesting 0.8502 low. Firm break there will resume larger decline form 0.8977. Nevertheless, break of 0.8700 will revive near term bullishness for another take on 0.8717.
In the bigger picture, the down trend from 0.9267 (2022 high) is seen as part of the long term range pattern from 0.9499 (2020 high). Firm break of 0.8717 support turned resistance will argue that it has completed with three waves down to 0.8502. Further break of 0.8977 will bring retest of 0.9267 high. Nevertheless, rejection by 0.8717, followed by break of 0.8502 will resume the decline towards 0.8201 (2022 low).
