Daily Pivots: (S1) 0.8667; (P) 0.8691; (R1) 0.8713; More…
For now, further rally could still be seen in EUR/GBP with 0.8649 intact. Rebound from 0.8548 could extend to 0.8764 key resistance. Nevertheless, break of 0.8649 will argue that the rebound has completed, and turn bias back to the downside for 0.8548 support instead.
In the bigger picture, current development suggests that down trend from 0.9267 (2022 high) is still in progress. This decline is seen as the third leg of the pattern from 0.9499 (2020 high). Break of 0.8201 will target 100% projection of 0.9499 to 0.8201 from 0.9267 at 0.7969. In any case, outlook will stay bearish as long as 0.8764 resistance holds.
