Daily Pivots: (S1) 0.8664; (P) 0.8676; (R1) 0.8692; More….
EUR/GBP’s break of 0.8704 resistance confirms resumption of rise from 0.8491. The development also carries larger bullish implications. Intraday bias is back on the upside for 61.8% projection of 0.8491 to 0.8704 from 0.8614 at 0.8746. Decisive break there could prompt upside acceleration to 100% projection at 0.8827 next. For now, outlook will stay bullish as long as 0.8614 support holds, in case of retreat.
In the bigger picture, current development suggests that whole down trend from 0.9267 (2022 high) has completed with three down to to 0.8491. Rise from 0.8491 is seen as another leg inside that pattern from 0.9499 (2020 high). Further rally should be seen to 0.8977 resistance and above. This will now remain the favored case as long as 0.8614 support holds.
