Daily Pivots: (S1) 0.8571; (P) 0.8587; (R1) 0.8596; More…

EUR/GBP’s sharp decline and break of 0.8561 support argues that rebound from 0.8448 has completed already. Intraday bias is back on the downside for retesting 0.8448 low. Also, with 0.8668 resistance defended, larger down trend is probably still in progress, starting another leg through 0.8448 low. On the upside, above 0.8612 will resume the rise form 0.8448 to 0.8668 resistance instead.

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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