Daily Pivots: (S1) 0.8717; (P) 0.8760; (R1) 0.8784; More…
EUR/GBP’s fall from 0.8863 resumed by breaking through 0.8745 and intraday bias is back on the downside. Considering bearish divergence condition in D MACD, sustained trading below 55 D EMA (now at 0.745) will solidify the case of bearish reversal. Deeper fall should then be seen to 0.8631 cluster (38.2% retracement of 0.8221 to 0.8663 at 0.8618). For now, risk will stay on the downside as long as 0.8800 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 0.8600) 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.
 will solidify the case of bearish reversal. Deeper fall should then be seen to 0.8631 cluster (38.2% retracement of 0.8221 to 0.8663 at 0.8618). For now, risk will stay on the downside as long as 0.8800 resistance holds, in case of recovery.){kind=link}