Daily Pivots: (S1) 0.8388; (P) 0.8406; (R1) 0.8419; More…
EUR/GBP’s break of 0.8399 support confirms resumption of the decline from 0.8624. Intraday bias stays on the downside for 0.8382 low. Firm break there will resume larger down trend. Next near term target will be 61.8% projection of 0.8624 to 0.8399 from 0.8463 at 0.8324. For now, outlook will remain bearish as long as 0.8463 resistance holds, in case of recovery.
In the bigger picture, as long as 0.8624 resistance holds, down trend from 0.9267 is expected to continue. Firm break of 0.8382 will target 0.8201 (2022 low). However, decisive break of 0.8624 will indicate that such down trend has completed, and turn outlook bullish for 0.8764 resistance next.
