Daily Pivots: (S1) 0.8672; (P) 0.8691; (R1) 0.8716; More…
EUR/GBP’s rise from 0.8354 resumed by breaking 0.8696 resistance and intraday bias is back on the upside. Further rally should be seen to retest 0.8737 high. Firm break there will extend the rise from 0.8221 towards 0.8867 fibonacci level. On the downside, however, break of 0.8645 will suggest short term topping, and turn bias to the downside for deeper pullback.
In the bigger picture, the structure from 0.8221 medium term bottom are not impulsive enough to suggest that it’s reversing the down trend 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. For now, further rise will remain in favor as long as 55 W EMA (now at 0.8474) holds.
