Daily Pivots: (S1) 0.8426; (P) 0.8478; (R1) 0.8504; More…
EUR/GBP’s decline accelerate to as low as 0.8430 so far. 0.8472 support is taken out without sign of bottoming. Intraday bias remains on the downside for 0.8411 fibonacci level first. Decisive break there will pave the way to 161.8% projection of 0.9324 to 0.8786 from 0.9019 at 0.8481,0.8149 next. On the upside, above 0.8498 minor resistance will turn bias neutral and bring recovery first.
In the bigger picture, correction from 0.9324 medium term top is still in progress. Deeper fall should be seen back to 38.2% retracement of 0.6935 to 0.9324 at 0.8411. Based on current downside momentum, sustained break of 0.8411 would pave the way to 61.8% retracement at 0.7848. In any case, further decline would remain in favor as long as 0.8768 support turned resistance holds, even in case of strong rebound.
