Daily Pivots: (S1) 0.8671; (P) 0.8685; (R1) 0.8710; More…
EUR/GBP’s rally continues today and intraday bias stays on the upside. The rebound from 0.8595 is in progress for retesting 0.8752 high. Firm break there will extend the rise from 0.8221 to 0.8867 fibonacci level. On the downside, below 0.8688 minor support will turn intraday bias neutral again first. But further rise is expected as long as 0.8631 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 could still be seen to 61.8% retracement of 0.9267 to 0.8221 at 0.8867. Nevertheless, sustained trading below 55 W EMA (now at 0.8518) will argue that the pattern has completed and bring retest of 0.8221 low.
