Daily Pivots: (S1) 0.8835; (P) 0.8860; (R1) 0.8906; More…
EUR/GBP’s rally from 0.8545 resumed by breaking through 0.8896 resistance. Intraday bias is back on the upside for 61.8% projection of 0.8545 to 0.8896 from 0.8720 at 0.8937. Firm break there could prompt upside acceleration to 100% projection at 0.9071. On the downside, break of 0.8720 support is now needed to indicate short term topping. Or, outlook will remain bullish in case of retreat.
In the bigger picture, the notable support from 55 day EMA (now at 0.8752) retains near term bullishness. Break of 0.8896 should target 0.9267 (2022 high) and possibly above, to resume whole up trend from 0.8201 (2022 low). However, break of 0.8270 support and sustained trading below 55 day EMA will set the stage for 0.8545 and below.
