Daily Pivots: (S1) 0.8503; (P) 0.8526; (R1) 0.8566; More…
Intraday bias in EUR/GBP stays on the upside, as rise from 0.8338 is in progress. Break of 0.8585 will bring further rally to 0.8720 resistance. On the downside, below 0.8501 minor support will turn intraday bias neutral first. But break of 0.8406 support is needed to confirm completion of the rebound. Otherwise, further rally will remain mildly in favor in case of retreat.
In the bigger picture, medium term bearishness is maintained with prior rejection by 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Break of 0.8201 will resume larger down trend from 0.9499 (2020 high). Nevertheless, sustained break of 0.8697 will affirm the case that rise from 0.8201 is a medium term up trend itself.
