Daily Pivots: (S1) 0.8313; (P) 0.8336; (R1) 0.8350; More…
Intraday bias in EUR/GBP remains on the downside for 0.8304 support first. Break there will remain larger down trend and target 0.8276 long term support next. On the upside, above 0.8366 minor resistance will turn bias back to the upside for 0.8421 resistance first. Break of 0.8421 will resume the rebound towards 0.8598 key structural resistance.
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.
