Daily Pivots: (S1) 0.8280; (P) 0.8293; (R1) 0.8300; More…
EUR/GBP’s break of 0.8326 resistance confirms short term bottoming at 0.8221, just ahead of 0.8201 key support. Intraday bias is back on the upside for 0.8446 key resistance. Strong resistance might be seen there to limit upside, at least on first attempt. But for now, further rally will remain in favor as long as 0.8282 support holds, in case of retreat.
In the bigger picture, focus remains 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. Risk will stay on the downside even in case of strong rebound.
