Daily Pivots: (S1) 0.8392; (P) 0.8417; (R1) 0.8430; More…
Intraday bias in EUR/GBP remains neutral and more consolidations could be seen above 1.8401. Another fall is expected as long as 0.8539 resistance holds. As noted before, rebound from 0.8221 might have completed as a corrective move. Break of 0.8401 will target retest of 0.8221/8239 support zone.
In the bigger picture, the extended decline from 0.8737 dampened the original bullish view. While a medium term bottom was in place at 0.8221, price actions from there could be a corrective pattern only. Larger down trend from 0.9267 (2022 high) might still be in progress. Sustained trading below 55 W EMA (now at 0.8438) will turn favor to this bearish case.
