Daily Pivots: (S1) 0.8785; (P) 0.8799; (R1) 0.8809; More…
Intraday bias in EUR/GBP is turned neutral first with current retreat. Further rally is expected as long as 0.8750 resistance turned support holds. Above 0.8817 will target .8867 fibonacci level. Decisive break there will carry larger bullish implications. Nevertheless, firm break of 0.8750 will turn bias back to the downside for 0.8654 support instead.
In the bigger picture, rise from 0.8221 medium term bottom is seen as a corrective move. While further rally cannot be ruled out, upside should be limited by 61.8% retracement of 0.9267 to 0.8221 at 0.8867. Firm break of 0.8654 support will be the first sign that this corrective bounce has completed. However, decisive break of 0.8867 will suggest that EUR/GBP is already reversing whole decline from 0.9267 (2022 high).
