Daily Pivots: (S1) 0.8275; (P) 0.8283; (R1) 0.8298; More…
Further decline is expected in EUR/GBP as long as 0.8308 minor resistance holds. Fall from 0.8472 is in progress and should target a retest on 0.8221 low. Nevertheless, firm break of 0.8308 will turn bias back to the upside for stronger rebound to 0.8376 resistance instead.
In the bigger picture, rebound from 0.8221 medium term bottom could extend higher through 55 W EMA (now at 0.8435). However, medium term outlook will be neutral at best as long as 0.8624 cluster resistance zone (38.2% retracement of 0.9267 to 0.8221 at 0.8621) holds. Another decline through 0.8221 would remain mildly in favor. Firm break of 0.8221 will resume whole down trend from 0.9267 (2022 high) and carry larger bearish implications.
