Daily Pivots: (S1) 0.8273; (P) 0.8298; (R1) 0.8347; More…
Intraday bias in EUR/GBP remains on the upside at this point. Rebound from 0.8224 short term bottom is in progress for 38.2% retracement of 0.8624 to 0.8224 at 0.8377. Firm break there will target 61.8% retracement at 0.8471, even as a corrective move. On the downside, break of 0.8290 minor support will bring retest of 0.8224 low instead.
In the bigger picture, focus is now on whether 0.8201 key support (2022 low) is strong enough to complete the whole down trend from 0.9267 (2022 high). In any case, medium term outlook will be neutral at best until decisive break of 0.8624 key resistance. Otherwise, risk will stay on the downside even in case of strong rebound.
