Daily Pivots: (S1) 0.8304; (P) 0.8339; (R1) 0.8359; More…
EUR/GBP’s fall from 0.8433 extends lower today, but downside is still held above 0.8309 support. Intraday bias remains neutral first. On the downside, firm break of 0.8309 will resume larger down trend to 0.8201 key support next. However, decisive break of 38.2% retracement of 0.8624 to 0.8309 at 0.8429 will pave the way to 61.8% retracement at 0.8504 and possibly above.
In the bigger picture, down trend from 0.9267 (2022 high) is in progress. Next target is 0.8201 (2022 low), but strong support should be seen there to bring rebound. However, outlook will remain bearish as long as 0.8624 resistance holds even in case of strong rebound.
