Daily Pivots: (S1) 0.8265; (P) 0.8296; (R1) 0.8320; More…
EUR/GBP’s deep decline today and break of 0.8290 minor support turned intraday bias back to the downside for retesting 0.8224. Firm break there will resume larger down trend to 0.8201 key support. On the upside, break of 0.8326 resistance will resume the rebound to 38.2% retracement of 0.8624 to 0.8224 at 0.8377.
In the bigger picture, focus is now on whether 0.8201 key support (2022 low) is strong enough to complete the whole down trend from 0.9267 (2022 high). In any case, medium term outlook will be neutral at best until decisive break of 0.8624 key resistance. Otherwise, risk will stay on the downside even in case of strong rebound.
