Daily Pivots: (S1) 0.8653; (P) 0.8677; (R1) 0.8693; More…
Break of 0.8649 minor support argues that EUR/GBP’s rebound from 0.8548 has completed at 0.8713. Intraday bias is back on the downside for retesting 0.8548 support. On the upside, however, break of 0.8713 will resume the rebound to 0.8764 key resistance next.
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.
