Daily Pivots: (S1) 0.8699; (P) 0.8721; (R1) 0.8762; More…
Intraday bias in EUR/GBP remains on the upside at this point. Current rally is part of the whole medium term rise from 0.8221. Sustained trading above 0.8737 will pave the way to 0.8867 fibonacci level. For now, outlook will stay bullish as long as 0.8645 support holds, in case of retreat.
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, further rise is expected to 61.8% retracement of 0.9267 to 0.8221 at 0.8867. This will remain the favored case as long as 55 W EMA (now at 0.8486) holds.
