Daily Pivots: (S1) 0.8441; (P) 0.8477; (R1) 0.8533; More…
Break of 0.8476 minor support suggests that recovery from 0.8276 has completed at 0.8519. Intraday bias in EUR/GBP is turned back to the downside for retesting 0.8276. On the upside, above 0.8519 will resume the corrective rebound to 38.2% retracement of 0.9324 to 0.8276 at 0.8676.
In the bigger picture, fall from 0.9324 medium term top is still in progress. 38.2% retracement of 0.6935 to 0.9324 at 0.8411 was firmly taken out. Further decline should now be seen to 61.8% retracement at 0.7848 next. In any case, further decline would remain in favor as long as 0.8786 support turned resistance holds, even in case of strong rebound.
