Daily Pivots: (S1) 0.8582; (P) 0.8598; (R1) 0.8624; More…
EUR/GBP’s rebound from 0.8491 resumed by breaking through 0.8609 resistance. Intraday bias is back on the upside for further rise to 0.8667/8700 resistance zone. Price actions from 0.8502 are seen as a consolidation pattern, with current rise as the third leg. Upside should be limited by 0.8700 to bring larger decline resumption.
In the bigger picture, the down trend from 0.9267 (2022 high) is seen as part of the long term range pattern from 0.9499 (2020 high). Fall from 0.8977 is seen as the third leg. As long as 0.8700 resistance holds, further decline is still expected. Break of 0.8491 will resume the fall towards 0.8201 (2022 low). Nevertheless, firm break of 0.8700 will now be a sign of bullish reversal.
