Daily Pivots: (S1) 0.8596; (P) 0.8625; (R1) 0.8679; More…
EUR/GBP’s rally from 0.8338 is in progress and intraday bias stays on the upside for 0.8720 resistance. Decisive break there will carry larger bullish implications. Next target is 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857. On the downside, below 0.8570 minor support will turn intraday bias neutral and bring consolidations first.
In the bigger picture, focus is back on 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will argue that rise from 0.8201 is a medium term up trend, rather than a correction. Next target is 61.8% retracement at 0.9003. Rejection by 0.8697 again will maintain medium term bearishness, for extending the down trend from 0.9499 (2020 high) at a later stage.
