Daily Pivots: (S1) 0.8373; (P) 0.8384; (R1) 0.8402; More…
EUR/GBP’s rally from 0.8221 short term bottom continues today and intraday bias stays on the upside for 0.8446 resistance. Firm break there will target 0.8624 cluster resistance zone, even as a corrective move. On the downside, below 0.8364 minor support will turn intraday bias neutral first.
In the bigger picture, considering bullish convergence condition in D MACD, decisive break of 0.8446 resistance and 55 D EMA (now at 0.8446) 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.
