Daily Pivots: (S1) 0.8528; (P) 0.8561; (R1) 0.8577; More…
With break of 0.8543 support, intraday bias in EUR/GBP is back on the downside for retesting 0.8502 low. Decisive break there will resume larger decline from 0.8977. On the upside, above 0.8592 minor resistance will mix up the outlook and extend sideway trading.
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).
