Daily Pivots: (S1) 0.8481; (P) 0.8501; (R1) 0.8512; More…
EUR/GBP’s strong break of 0.8491 support confirms resumption of larger down trend. Intraday bias is back on the downside for 0.8376 projection level next. On the upside, break of 0.8539 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, down trend from 0.9267 (2022 high is in progress). Next target is 100% projection of 0.8764 to 0.8497 from 0.8643 at 0.8376. Sustained break there will target 161.8% projection at 0.8211 next. For now, outlook will remain bearish as long as 0.8643 resistance holds, even in case of stronger rebound.
