Daily Pivots: (S1) 0.8920; (P) 0.8949; (R1) 0.8986; More…
EUR/GBP’s rally is still in progress and intraday bias stays on the upside. Next target is 100% projection of 61.8% projection of 0.8545 to 0.8896 from 0.8720 at 0.9071. On the downside, below 0.8875 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as 0.8720 support holds.
In the bigger picture, the notable support from 55 day EMA (now at 0.8780) retains near term bullishness. Break of 0.8896 should target 0.9267 (2022 high) and possibly above, to resume whole up trend from 0.8201 (2022 low). However, break of 0.8270 support and sustained trading below 55 day EMA will set the stage for 0.8545 and below.
