Daily Pivots: (S1) 0.8531; (P) 0.8540; (R1) 0.8554; More…
While downside momentum in EUR/GBP isn’t too convincing, further decline is still expected with 0.8563 resistance intact. Next target is 0.8491 low and break will resume larger down trend to 0.8464 projection level. On the upside, above 0.8563 minor resistance will turn intraday bias neutral and bring consolidations again.
In the bigger picture, fall from 0.8764 is seen as another leg in the whole down trend from 0.9267 (2022 high). Outlook will stay bearish as long as 0.8713 resistance holds. Break of 0.8491 will target 61.8% projection of 0.8977 to 0.8491 from 0.8764 at 0.8464.
