Daily Pivots: (S1) 0.8648; (P) 0.8668; (R1) 0.8690; More…
Intraday bias in EUR/GBP is turned neutral again as it recovered after brief dip to 0.8644. On the downside, firm break of 0.8644 will suggest that rebound from 0.8548 has completed at 0.8713 already. Deeper fall should be seen to retest 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.
