Daily Pivots: (S1) 0.8403; (P) 0.8418; (R1) 0.8435; More…
EUR/GBP’s fall resumed after brief consolidation and intraday bias is back on the downside for 0.8379 support. Firm break there will resume larger down trend from 0.9499 towards long term support at 0.8276. On the upside, above 0.8462 minor resistance will turn intraday bias neutral first.
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.
