Daily Pivots: (S1) 0.8320; (P) 0.8354; (R1) 0.8380; More…
EUR/GBP is staying in established range despite some volatility. Intraday bias remains neutral first. On the downside, break of 0.8314 will resume the decline from 0.8448 towards 0.8239 support. Nevertheless, firm break of 0.8384 will argue that fall from 0.8448 is merely a correction and has completed. Retest of 0.8448 should be seen 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 0.8495).
