Daily Pivots: (S1) 0.8718; (P) 0.8737; (R1) 0.8758; More….
EUR/GBP’s break of 0.8715 minor support argues that rebound from 0.8648 has completed after rejection by 0.8752 resistance. Intraday bias is back on the downside. Fall from 0.8754 is seen as the third leg of the consolidation pattern from 0.8752, and should target 0.8648. But strong support should be seen around there to complete the consolidation. On the upside, decisive break of 0.8752/4 will resume whole rise from 0.8491 to 0.8874 resistance next.
In the bigger picture, current development suggests that whole down trend from 0.9267 (2022 high) has completed with three down to to 0.8491. Rise from 0.8491 is seen as another leg inside that pattern from 0.9499 (2020 high). Further rally should be seen to 0.8977 resistance and above. This will remain the favored case as long as 0.8614 support holds.
