Daily Pivots: (S1) 0.8628; (P) 0.8648; (R1) 0.8679; More….
Intraday bias in EUR/GBP remains on the upside at this point. Rebound from 0.8548 would target 0.8764 key resistance next. On the downside, however, break of 0.8597 will turn bias back to the downside for 0.8548 support instead.
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.
