Daily Pivots: (S1) 0.8316; (P) 0.8349; (R1) 0.8398; More…
Intraday bias in EUR/GBP stays on the upside for the moment. Rise from 0.8239 is seen as the third leg of the pattern from 0.82210. Sustained break of 1.8% retracement of 0.8472 to 0.8239 at 0.8383 will target 0.8472 resistance next. On the downside, below 0.8345 minor support will turn intraday bias neutral first.
In the bigger picture, EUR/GBP is still bounded inside medium term falling channel. While rebound from 0.8221 might extend higher, it could still develop into a corrective pattern. Overall outlook will be neutral at best and down trend from 0.9267 (2022 high) could extend, at least until decisive break of channel resistance (now at 0.8511).
