Daily Pivots: (S1) 0.8492; (P) 0.8577; (R1) 0.8622; More…
EUR/GBP retreated sharply after hitting 161.8% projection of 0.8239 to 0.8448 from 0.8314 at 0.8652. Intraday bias is turned neutral again first. Some consolidations would be seen first. But outlook will stay bullish as long as 0.8472 resistance turned support holds. Sustained trading above 0.8624 key resistance will carry larger bullish implication.
In the bigger picture, the break of medium term channel resistance is a bullish signal. Down trend from 0.9267 (2022 high) could have completed at 0.8221, just ahead of 0.9201 key support (2022 low). Firm break of 0.8624 cluster resistance (38.2% retracement of 0.9267 to 0.8221 at 0.8621) will confirm this bullish case and target 61.8% retracement at 0.8867 next. Nevertheless, rejection by 0.8624 will keep medium term outlook neutral at best.
