Daily Pivots: (S1) 0.8811; (P) 0.8828; (R1) 0.8839; More…
EUR/GBP’s rally continues today and intraday bias remains on the upside for 0.8867 fibonacci level. Firm break there will carry larger bullish implications. Next near term target will be 100% projection of 0.8354 to 0.8752 from 0.8631 at 0.9029. On the downside, below 0.8811 will turn intraday bias neutral first. Further break of 0.8765 support will confirm short term topping.
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). That should pave the way back to 0.9267 (2022 high).
