Daily Pivots: (S1) 0.8539; (P) 0.8551; (R1) 0.8565; More…
EUR/GBP’s decline is still in progress despite loss of downside momentum. Intraday bias stays on the downside. Current fall from 0.8713 is part of the larger down trend. Deeper decline should be seen to 0.8491 low, and then 0.8464 projection level. On the upside, above 0.8591 minor resistance will turn intraday bias neutral and bring consolidations again.
In the bigger picture, fall from 0.8764 is seen as another leg in the whole down trend from 0.9267 (2022 high). Outlook will stay bearish as long as 0.8713 resistance holds. Break of 0.8491 will target 61.8% projection of 0.8977 to 0.8491 from 0.8764 at 0.8464.
