Daily Pivots: (S1) 0.8465; (P) 0.8482; (R1) 0.8512; More…
EUR/GBP’s rise from 0.8201 extends higher today. The break of 0.8476 structural resistance should confirm medium term bottoming at 0.8201, with a head and shoulder bottom pattern too (ls: 0.8282, h: 0.8201, rs: 0.8294). Intraday bias stays on the upside for 0.8697 medium term fibonacci level next. On the downside, break of 0.8448 minor support will mix up the outlook and turn intraday bias neutral first.
In the bigger picture, a medium term bottom should be in place at 0.8201, on bullish convergence condition in daily and weekly MACD. Rise from there could either be a correction to the down trend from 0.9499 (2020 high), or a medium term up trend itself. In either case, further rise should be seen to 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will target 61.8% retracement at 0.9003. This will remain the favored case as long as 0.8294 support holds.
