Daily Pivots: (S1) 0.8417; (P) 0.8438; (R1) 0.8452; More….
EUR/GBP’s break of 0.8430 support suggests that corrective recovery from 0.8396 has completed at 0.8498, after rejection by 55 D EMA. Intraday bias is back on the downside for 0.8396 support first. Firm break there will resume larger down trend. On the upside, above 0.8459 will delay the bearish case and turn intraday bias neutral first.
In the bigger picture, down trend from 0.9267 (2022 high) is in progress. Next target is 100% projection of 0.8764 to 0.8497 from 0.8643 at 0.8376. Sustained break there will target 161.8% projection at 0.8211 next. For now, outlook will remain bearish as long as 0.8643 resistance holds, even in case of stronger rebound.
