Daily Pivots: (S1) 0.8301; (P) 0.8326; (R1) 0.8373; More…
EUR/GBP’s rally from 0.8221 accelerates higher today and intraday bias stays 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 0.8327 resistance turned support holds, in case retreat. Decisive break of 0.8446 will carry larger bullish implications.
In the bigger picture, considering bullish convergence condition in D MACD, decisive break of 0.8446 resistance should confirm medium term bottoming at 0.8221, just ahead of 0.8201 key support (2022 low). Further rally should be seen towards 0.8624 key resistance, even as a correction to the down trend from 0.9267 (2022 high). Overall, however, medium term outlook will be neutral at best until decisive break of 0.8624 cluster zone (38.2% retracement of 0.9267 to 0.8221 at 0.8621). Risk will stay on the downside even in case of strong rebound.
