Daily Pivots: (S1) 0.8520; (P) 0.8534; (R1) 0.8550; More…
While EUR/GBP is losing downside momentum as seen in 4H MACD, there is no clear sign of bottoming yet. Further decline is expected as long as 0.8611 resistance holds. Fall from 0.8977 should target 161.8% projection of 0.8977 to 0.8717 from 0.8874 at 0.8453. However, break of 0.8611 resistance will indicate short term bottoming, and turn bias back to the upside for stronger rebound.
In the bigger picture, the down trend from 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.
