Daily Pivots: (S1) 0.8565; (P) 0.8581; (R1) 0.8605; More…
EUR/GBP’s rally from 0.8354 accelerated higher today and powered through 61.8% retracement of 0.8737 to 0.8354 at 0.8591. Intraday bias stays on the upside for retest 0.8737 high. Decisive break there will resume the whole rise from 0.8221 low. On the downside, below 0.8576 minor support will turn intraday bias neutral first.
In the bigger picture, the structure from 0.8221 medium term bottom are not impulsive enough to suggest that it’s reversing the downside from 0.9267 (2022 high). But even if it’s a correction, firm break of 0.8737 will still pave the way to 61.8% retracement of 0.9267 to 0.8221 at 0.8867.
