Daily Pivots: (S1) 0.8642; (P) 0.8672; (R1) 0.8688; More…
Intraday bias in EUR/GBP remains on the downside at tis point. Fall from 0.8788 is the third leg of the pattern from 0.8863. Deeper fall would be seen to 0.8611 support. Firm break there will target 100% projection of 0.8863 to 0.8611 from 0.8788 at 0.8536. On the upside, above 0.8711 minor resistance will turn intraday bias neutral again first.
In the bigger picture, current development revived the case that whole rise from 0.8221 (2024 low) has completed at 0.8863, after rejection by 61.8% retracement of 0.9267 (2022 high) to 0.8221 at 0.8867. Sustained trading below 38.2% retracement of 0.8821 to 0.8863 at 0.8618 will confirm this case, and bring deeper fall to 61.8% retracement at 0.8466 at least. For now, medium term outlook is neutral at best as long as 0.8863 resistance holds.
