Daily Pivots: (S1) 0.8846; (P) 0.8871; (R1) 0.8908; More…
EUR/GBP’s rally from 0.8545 finally resumed by breaking through 0.8876 resistance. Intraday bias is back on the upside for further rally to 61.8% projection of 0.8545 to 0.8876 from 0.8768 at 0.8973. On the downside, below 0.8831 minor support will turn intraday bias neutral first. But near term outlook will stay bullish as long as 0.8768 support holds, in case of retreat.
In the bigger picture, with 55 week EMA (now at 0.8616) intact, the favored case is that rise from 0.8545 is part of the whole up trend from 0.8201 (2022 low). Sustained trading above 61.8% retracement of 0.9276 to 0.8545 at 0.8997 will pave the way to retest 0.9267 high next.
