Daily Pivots: (S1) 0.8544; (P) 0.8590; (R1) 0.8616; More…
Intraday bias in EUR/GBP stays on the downside at this point. Recovery from 0.8502 could have completed ahead o f0.8717 support turned resistance, keeping outlook bearish. Retest of 0.8502 low should be seen next, and firm break there will resume larger decline form 0.8977. On the upside, above 0.8618 minor resistance will turn intraday bias neutral first.
In the bigger picture, the down trend from 0.9267 (2022 high) is seen as part of the long term range pattern from 0.9499 (2020 high). Firm break of 0.8717 support turned resistance will argue that it has completed with three waves down to 0.8502. Further break of 0.8977 will bring retest of 0.9267 high. Nevertheless, rejection by 0.8717, followed by break of 0.8502 will resume the decline towards 0.8201 (2022 low).
