Daily Pivots: (S1) 0.8378; (P) 0.8413; (R1) 0.8472; More…
Immediate focus stays on 0.8433 resistance in EUR/GBP. Sustained break there will confirm short term bottoming at 0.8294. Further rally should be seen towards 0.8624 resistance next. On the downside, below 0.8381 minor support will bring retest o f0.8294 low instead.
In the bigger picture, down trend from 0.9267 (2022 high) is in progress. Next target is 0.8201 (2022 low), but strong support should be seen there to bring rebound. However, outlook will remain bearish as long as 0.8624 resistance holds even in case of strong rebound. Decisive break of 0.8201 will indicate long term bearish reversal.
