Daily Pivots: (S1) 0.8613; (P) 0.8628; (R1) 0.8640; More….
Downside momentum in EUR/GBP is not too convincing as seen in 4H MACD. But with 0.8654 minor resistance intact, further decline is expected, for 0.8568 support. Whole rebound form 0.8491 could have completed after rejection by 0.8700 resistance. Break of 0.8568 will bring retest of 0.8491 low. On the upside, though, above 0.8654 minor resistance will turn intraday bias neutral first.
In the bigger picture, the down trend from 0.9267 (2022 high) is seen as part of the long term range pattern from 0.9499 (2020 high). Decisive break of 0.8700 resistance will argue that this decline has completed with three waves down to 0.8491. Rise from 0.8491 could then be another leg inside the pattern and targets 0.8977 and above. However, rejection by 0.8700 will keep the down trend alive for another fall through 0.8491 at a later stage.
