Daily Pivots: (S1) 0.8721; (P) 0.8743; (R1) 0.8761; More…
EUR/GBP is staying above 0.8720 support despite today’s decline. Intraday bias stays neutral, and further fall is mildly in favor with 0.8800 resistance intact. On the downside, break of 0.8720 will bring deeper fall to 0.8631 cluster support (38.2% retracement of 0.8221 to 0.8663 at 0.8618). However, on the upside, break of 0.8800 will argue that the fall has completed as a correction, and turn bias back to the upside for retesting 0.8863.
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 0.8610) 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.
. However, on the upside, break of 0.8800 will argue that the fall has completed as a correction, and turn bias back to the upside for retesting 0.8863.){kind=link}