Daily Pivots: (S1) 0.8523; (P) 0.8536; (R1) 0.8551; More…

Intraday bias in EUR/GBP remains mildly on the downside for the moment. Rebound from 0.8448 could have completed at 0.8612 already. With 0.8668 resistance intact, larger fall from 0.9499 is probably still in progress. Deeper fall would be seen to retest 0.8448 low first. On the upside, though, break of 0.8612 will resume the rise from 0.8448 to 0.8668 resistance.

In the bigger picture, price actions from 0.9499 (2020 high) are still seen as developing into a corrective pattern. Deeper fall could be seen as long as 0.8668 resistance holds, towards long term support at 0.8276. However, firm break of 0.8668 resistance would argue that a medium term bottom was already formed. Stronger rise would be seen to 0.8861 support turned resistance to confirm completion of the corrective pattern.

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