Daily Pivots: (S1) 0.8736; (P) 0.8766; (R1) 0.8784; More…
EUR/GBP recovers notably today but stays below 0.8800 resistance and intraday bias stays neutral. Nevertheless, firm break of 0.8800 will suggest that corrective fall from 0.8863 has completed at 0.8720. Stronger rally should be seen to retest 0.8863 high. On the downside, below 0.8720 will target 0.8631 cluster (38.2% retracement of 0.8221 to 0.8663 at 0.8618).
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 0.8605) 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.
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