Daily Pivots: (S1) 0.8594; (P) 0.8612; (R1) 0.8627; More…
Focus stays on 38.2% retracement of 0.8354 to 0.8752 at 0.8600 in EUR/GBP. Sustained break there indicate near term bearish reversal and target 61.8% retracement at 0.8506. Strong rebound from current level will maintain bullishness for another rise through 0.8752 at a later stage.
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 0.8497) holds.
