Daily Pivots: (S1) 0.8415; (P) 0.8435; (R1) 0.8446; More…
Intraday bias in EUR/GBP is turned neutral with a temporary low formed at 0.8414. but further decline is expected as long as 0.8549 resistance holds. Below 0.8414 will resume the fall from 0.8598 to retest 0.8379 low. Firm break there will resume larger down trend from 0.9499 towards long term support at 0.8276.
In the bigger picture, price actions from 0.9499 (2020 high) are still seen as developing into a corrective pattern. Deeper fall could be seen as long as 0.8593 resistance holds, towards long term support at 0.8276. We’d look for bottoming signal around there to bring reversal. Meanwhile, firm break of 0.8593 will now be an early sign of medium term bottoming. Further break of 0.8656 will pave the way to 38.2% retracement of 0.9499 to 0.8379 at 0.8807.
