Daily Pivots: (S1) 0.8727; (P) 0.8755; (R1) 0.8795; More…
Intraday bias in EUR/GBP remains on the upside at this point. Current rise from 0.8201 should target 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857. On the downside, break of 0.8624 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
In the bigger picture, current development suggests that the down trend from 0.9499 has (2020 high) has completed at 0.8201. Rise from there is developing into a medium term up trend. Further rally would be seen to 61.8% retracement of 0.9499 to 0.8201 at 0.9003 next. This will now remain the favored case as long as 55 day EMA (now at 0.8545) holds.
