Daily Pivots: (S1) 0.8351; (P) 0.8377; (R1) 0.8395; More…
Intraday bias in EUR/GBP is turned neutral as it retreated after hitting 55 day EMA (now at 0.8418). On the upside, break of 0.8421 will resume the rebound from 0.8304 short term bottom towards 0.8598 resistance. 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.
