Daily Pivots: (S1) 0.8587; (P) 0.8611; (R1) 0.8634; More….
While EUR/GBP’s recovery from 0.8548 extended, it’s capped below 0.8648 support turned resistance. Intraday bias stays neutral and outlook further decline is expected. On the downside, break of 0.8548 will resume the fall from 0.8764 to 0.8491 support next. Firm break there will resume larger down trend. However, sustained break of 0.8648 will turn bias to the upside for stronger rebound.
In the bigger picture, current development suggests that down trend from 0.9267 (2022 high) is still in progress. This decline is 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.
