Daily Pivots: (S1) 0.8573; (P) 0.8593; (R1) 0.8618; More…
EUR/GBP’s break of 0.8635 resistance confirms short term bottoming at 0.8517, on bullish convergence condition in 4H MACD. Intraday bias is back on the upside for 55 D EMA (now at 0.8658) and above. For now, as long as 0.8717 support turned resistance holds, fall from 0.8977 could still have another leg through 0.8517 before completion. However, firm break of 0.8717 will turn outlook bullish for 0.8977 resistance next.
In the bigger picture, the down trend from 0.9267 (2022 high) is still in progress. It’s seen as part of the long term range pattern from 0.9499 (2020 high). Deeper fall could be seen towards 0.8201 (2022 low). But strong support should be seen from there to bring reversal. This will now remain the favored case as long as 0.8717 support turned resistance holds.
