Daily Pivots: (S1) 0.8351; (P) 0.8381; (R1) 0.8402; More…
EUR/GBP lost momentum after hitting 0.8410 and intraday bias is turned neutral first. Downside of retreat should be contained above 55 4H EMA (now at 0.8314). Rise from 0.8239 is seen as the third leg of the pattern from 0.8221. Above 0.8410 will target 0.8472 resistance next.
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).
. Rise from 0.8239 is seen as the third leg of the pattern from 0.8221. Above 0.8410 will target 0.8472 resistance next.){kind=link}