Daily Pivots: (S1) 0.8516; (P) 0.8534; (R1) 0.8561; More…
Intraday bias in EUR/GBP remains neutral and more consolidations could be seen below 0.8573. Further rally is expected as long as 0.8492 support holds. Above 0.8573 will target 61.8% retracement of 0.8737 to 0.8354 at 0.8591. Sustained break there will pave the way to 0.8737 resistance. However, firm break of 0.8492 will argue that rebound from 0.8354 has completed, and turn bias back to the downside.
In the bigger picture, price actions from 0.8221 medium term bottom are seen as forming a corrective pattern to the down trend from 0.9267 (2022 high). Nevertheless, there is no clear momentum to break through 0.8201 key support (2022 low) yet. Hence, range trading is expected between 0.8221/8737 for now.
