Daily Pivots: (S1) 0.8517; (P) 0.8554; (R1) 0.8572; More….
EUR/GBP’s corrective fall from 0.8624 resumed by breaking through 0.8530. Intraday bias is back on the downside for 100% projection of 0.8624 to 0.8530 from 0.8591 at 0.8497, which is close to 55 D EMA (now at 0.8494). Strong support should be seen there to bring rebound. But for now, risk will stay on the downside as long as 0.8591 resistance holds.
In the bigger picture, while the rebound from 0.8382 is strong, there is no confirmation of trend reversal yet. As long as 0.8643 resistance holds, down trend from 0.9267 could still resume through 0.8382 at a later stage. However, firm break of 0.8643 will indicate that such down trend has completed, and turn outlook bullish for 0.8764 resistance next.
. Strong support should be seen there to bring rebound. But for now, risk will stay on the downside as long as 0.8591 resistance holds.){kind=link}