Daily Pivots: (S1) 0.8597; (P) 0.8634; (R1) 0.8654; More…
EUR/GBP retreated after hitting 0.8669, ahead of 0.8720 resistance, and intraday bias is turned neutral first. Further rally is in favor as long as 0.8510 resistance turned support holds. Above 0.8669 will target 0.8720. 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.
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.
