Daily Pivots: (S1) 0.8526; (P) 0.8559; (R1) 0.8576; More…
Intraday bias in EUR/GBP stays on the downside for the moment. Current fall from 0.8977 should target 161.8% projection of 0.8977 to 0.8717 from 0.8874 at 0.8453. On the upside, break of 0.8634 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, the down trend form 0.9267 (2022 high) is still in progress. It’s seen as part of the long term range pattern from 0.9499 (2020 high). Deeper fall would be seen towards 0.8201 (2022 low). But strong support should be seen from there to bring reversal. This will now remain the favored case as long as 0.8717 support turned resistance holds.
