Daily Pivots: (S1) 0.8356; (P) 0.8390; (R1) 0.8427; More…
Intraday bias in EUR/GBP remains mildly on the upside at this point. Rebound from 0.8304 is still in progress. Sustained break of 55 day EMA (now at 0.8421) will pave pave the way back to 0.8598 key structural resistance next. On the downside, however, break of 0.8349 will turn bias back to the downside for 0.8304 low instead.
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 0.8598 resistance holds, towards long term support at 0.8276. We’d look for bottoming signal around there to bring reversal. Meanwhile, firm break of 0.8598 will now be an early sign of medium term bottoming and bring stronger rebound. However, sustained break of 0.8276 will argue that the long term trend has reversed.
