EUR/GBP Daily Analysis
Intraday bias in EUR/GBP stays neutral first. A break of 0.8570 will resume the decline from 0.9267. The next target is a 61.8% projection of 0.9267 to 0.8570 from 0.8827 at 0.8369. For now, risk will stay on the downside as long as 0.8827 resistance holds, in case of recovery.
In the bigger picture, current development suggests that a fall from 0.9267 is a down leg inside a long-term range pattern. A deeper fall could be seen towards the 0.8201/8338 support zone. But strong support should be seen there to bring reversal. Nevertheless, a firm break of 0.8869 resistance will turn favor to the case that such a decline is merely a correction in the up trend from 0.8201. That is, a further rally would be seen at a later stage through 0.9267.
