Daily Pivots: (S1) 0.8590; (P) 0.8626; (R1) 0.8648; More…
Intraday bias in EUR/GBP remains neutral for the moment. On the downside, break of 0.8484 support will suggest rejection by 0.8697 medium term fibonacci resistance. Outlook will be turned bearish for 0.8248 support next. On the upside, break of 0.8720 and sustained trading above 0.8697 medium term fibonacci level will carry larger bullish implication. Next target is 0.9003 fibonacci level.
In the bigger picture, rise from 0.8201 medium term bottom could could either be a correction to the down trend from 0.9499 (2020 high), or a medium term up trend itself. Sustained break of 38.2% retracement of 0.9499 to 0.8201 at 0.8697 will affirm the latter case, and pave the way to 61.8% retracement at 0.9003. However, rejection by 0.8697 will maintain medium term bearishness.
