Daily Pivot: (S1) 0.8563; (P) 0.8585; (R1) 0.8619; more…
The EUR/GBP outlook remains unchanged and the intraday bias remains neutral. On the downside, a break below 0.8543 will test the lows of 0.8502. A decisive break here will resume a larger drop from 0.8977. On the upside, minor resistance above 0.8618 could push the bias back towards 0.8700 upwards, and perhaps further major support at 0.8717 could turn into resistance.
On a larger scale, the downtrend from 0.9267 (2022 high) can be seen as part of a long-term range pattern from 0.9499 (2020 high). If it breaks the 0.8717 support and turns to resistance, we can conclude with three waves to 0.8502. A further breakout of 0.8977 will reach a retest high of 0.9267. Nevertheless, a rejection at 0.8717 followed by a breakout of 0.8502 will resume the fall towards 0.8201 (2022 low).
