Daily Pivots: (S1) 0.8274; (P) 0.8286; (R1) 0.8297; More…
EUR/GBP recovered after hitting 0.8248 and intraday bias is turned neutral first. Further decline is still expected as long a s0.8379 resistance holds. Below 0.82458 will target a retest on 0.82101 low. On the upside, however, above 0.8379 minor resistance will turn bias back to the upside. Further break of 0.8511 will reaffirm that 0.8201 is a medium term bottom, and target 0.8697 medium term fibonacci level next.
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.
