Daily Pivots: (S1) 0.8876; (P) 0.8901; (R1) 0.8944; More…
Intraday bias in EUR/GBP remains on the upside at this point. Correction from 0.8977 should have completed with three waves down to 0.8754. Further rally should be seen to retest 0.8977 high next. Firm break there will resume the whole rally from 0.8545. On the downside, break of 0.8825 support will dampen this bullish view again and turn bias neutral.
In the bigger picture, outlook is rather mixed for now, except that price actions from 0.9267 (2022 high) are part of the long term range pattern from 0.9499 (2020 high). With 0.8720 support intact, rise from 0.8545 is in favor to continue through 0.8977. However, firm break of 0.8720 will argue that such rebound has completed, and open up deeper fall through this support level.
