Daily Pivots: (S1) 0.8564; (P) 0.8574; (R1) 0.8589; More….
Intraday bias in EUR/GBP remains on the downside for the moment. As noted before, rebound from 0.8491 should have completed as a corrective move at 0.8764. Deeper fall should be seen to retest 0.8491 low first. Firm break there will resume larger down trend. On the upside, above 0.8599 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
In the bigger picture, current development suggests that down trend from 0.9267 (2022 high) is still in progress. This decline is now seen as the third leg of the pattern from 0.9499 (2020 high). Break of 0.8201 will target 100% projection of 0.9499 to 0.8201 from 0.9267 at 0.7969. In any case, outlook will stay bearish as long as 0.8764 resistance holds.
