EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8542; (P) 0.8568; (R1) 0.8604; More…

Intraday bias in EUR/GBP remains neutral with focus on 0.8617 resistance. Firm break there will resume rise from 0.8201 medium term bottom to 0.8697 medium term fibonacci level. In any case, further rally will remain in favor as long as 0.8365 support holds.

In the bigger picture, a medium term bottom could 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.

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