Daily Pivots: (S1) 0.8793; (P) 0.8811; (R1) 0.8824; More…
Intraday bias in EUR/GBP remains on the upside for the moment. Current rise is part of the whole rally from 0.8221. Next target is 0.8867 fibonacci level. Firm break there will carry larger bullish implications. For now, further rise is expected as long as 0.8761 support holds, in case of retreat.
In the bigger picture, rise from 0.8221 medium term bottom is still seen as a corrective move. 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).
