Daily Pivots: (S1) 0.8388; (P) 0.8420; (R1) 0.8436; More…
Intraday bias in EUR/GBP is turned neutral first with the current retreat and with 4H MACD crossed below signal line. Some consolidations would be seen, but further rally is expected as long as 55 4H EMA (now at 0.8374) holds. Firm break of 0.8446 resistance will target 0.8624 cluster resistance zone, even as a corrective move.
In the bigger picture, considering bullish convergence condition in D MACD, decisive break of 0.8446 resistance and 55 D EMA (now at 0.8446) should confirm medium term bottoming at 0.8221, just ahead of 0.8201 key support (2022 low). Further rally should be seen towards 0.8624 key resistance, even as a correction to the down trend from 0.9267 (2022 high). Overall, however, medium term outlook will be neutral at best until decisive break of 0.8624 cluster zone (38.2% retracement of 0.9267 to 0.8221 at 0.8621). Risk will stay on the downside even in case of strong rebound.
 holds. Firm break of 0.8446 resistance will target 0.8624 cluster resistance zone, even as a corrective move.){kind=link}