Daily Pivots: (S1) 0.8828; (P) 0.8855; (R1) 0.8881; More…
Intraday bias in EUR/GBP remains neutral first. Sustained break of 0.8876 will confirm resumption of rise from 0.8545. Next target is 61.8% retracement of 0.9276 to 0.8545 at 0.8997. Meanwhile , outlook will stay bullish as long as 55 day EMA (now at 0.8732) holds, in case of another retreat.
In the bigger picture, outlook is mixed for now as rise from 0.8545 would either be part of the up trend from 0.8201 (2022 low), or just a correction to 0.9267 (2022 high). As long as 55 week EMA (now at 0.8616) holds, the former case is in favor, and break of 0.9267 should be seen next as up trend resumes at a later stage. However, sustained break of 55 week EMA will shift favor to the latter case, for another decline back towards 0.8201.
