Daily Pivots: (S1) 0.8529; (P) 0.8552; (R1) 0.8569; More…
No change in EUR/GBP’s outlook and intraday bias stays neutral. Near term outlook will stay bearish as long as 0.8657 resistance holds. Break of 0.8502 will resume larger decline from 0.8977 to 61.8% projection of 0.8874 to 0.8517 from 0.8650 at 0.8436. However, firm break of 0.8583 will bring stronger rebound back to 0.8657 resistance.
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 could 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 0.8657 resistance holds.
