Daily Pivots: (S1) 0.8307; (P) 0.8321; (R1) 0.8335; More…
Intraday bias sin EUR/GBP remains mildly on the downside at this point. Break of 0.8304 will resume larger down trend to 0.8276 key long term support. On the upside, above 0.8366 minor resistance will turn bias back to the upside for 0.8421 resistance first. Break there will bring stronger rally back to 0.8598 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.
