Daily Pivots: (S1) 0.8770; (P) 0.8784; (R1) 0.8803; More…
EUR/GBP’s fall from 0.8663 extends lower today. The break of 0.8765 support confirms short term topping at 0.8863, on bearish divergence condition in 4H MACD. Intraday bias is back on the downside for 55 D EMA (now at 0.8742) first. Sustained break there will be an early sign of bearish trend reversal. For now, risk will stay on the downside as long as 0.8862 resistance holds, in case of recovery.
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. Sustained trading below 55 W EMA (now at 0.8588) should confirm 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.
 first. Sustained break there will be an early sign of bearish trend reversal. For now, risk will stay on the downside as long as 0.8862 resistance holds, in case of recovery.){kind=link}