EUR/GBP Daily Analysis
Sideway trading continues in EUR/GBP, and intraday bias remains neutral. Further decline is expected with 0.8674 resistance intact. A break of 0.8545 will resume the fall from 0.9267 and target a 61.8% projection of 0.9267 to 0.8647 from 0.8827 at 0.8444 next. On the upside, above 0.8674 minor resistance will indicate short-term bottoming and bring a more robust rebound back to 0.8827 instead.
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 0.8827 resistance will favor 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 later through 0.9267.
