Daily Pivots: (S1) 0.8707; (P) 0.8720; (R1) 0.8742; More…
Range trading continues in EUR/GBP and intraday bias remains neutral On the upside, firm break of 0.8752 will resume the rise from 0.8354 towards 0.8867 fibonacci level. On the downside, below 0.8678 will extend the corrective pattern from 0.8752 with another falling leg. But downside should be contained by 38.2% retracement of 0.8354 to 0.8752 at 0.8600.
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 0.8493) holds.
