Daily Pivots: (S1) 0.8546; (P) 0.8564; (R1) 0.8599; More…
Immediate focus is now on 0.8577 resistance in EUR/GBP with current rebound. Decisive break there will argue that fall from 0.8764 has completed and turn bias back to the upside for stronger rebound. On the downside, decisive break of 0.8491/7 support zone will resume larger down trend from 0.9267 instead.
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.
