Daily Pivots: (S1) 0.8660; (P) 0.8688; (R1) 0.8723;

With 4 hours MACD crossed above signal line, an intraday low is in place at 0.8650 and bias is turned neutral for the moment. Some consolidations should be seen but recovery is expected to be limited below 0.8855 support turned resistance and bring fall resumption. Below 0.8650 will target 100% projection of 0.9410 to 0.8833 from 0.9153 at 0.8576 next.

In the bigger picture, the break of 0.8704 support argues that whole rise from 0.8399 has completed at 0.9410 already. Also, this indicates that fall from 0.9410 is likely the third leg of the correction pattern that started at 0.9799 and could extend beyond 0.8399 support before the whole correction concludes. On the upside, a break of 0.8855 support turned resistance is needed to be the first sign that EUR/GBP has bottomed out. Otherwise, outlook will remain bearish.

EUR/GBP