Daily Pivots: (S1) 0.8394; (P) 0.8424; (R1) 0.8443; More…
Break of 0.8417 minor support suggests that consolidation pattern form 0.8399 has complete at 0.8463 already. Intraday bias is back on the downside in EUR/GBP. Break of 0.8399 will resume the decline from 0.8624 to 0.8382 low. Firm break there will resume larger down trend. For now, outlook will remain bearish as long as 0.8463 resistance holds, in case of recovery.
In the bigger picture, as long as 0.8624 resistance holds, down trend from 0.9267 is expected to continue. Firm break of 0.8382 will target 0.8201 (2022 low). However, decisive break of 0.8624 will indicate that such down trend has completed, and turn outlook bullish for 0.8764 resistance next.
