Daily Pivots: (S1) 0.8366; (P) 0.8387; (R1) 0.8401; More…
Intraday bias in EUR/GBP remains neutral for consolidations below 0.8448. Further rise is expected as long as 0.8358 support holds. Above 0.8448 will target 0.8472 resistance. Firm break there will resume whole rebound from 0.8221 to medium term falling channel resistance. Nevertheless, break of 0.8358 will suggest that rise from 0.8239 has completed and turn bias back to the downside instead.
In the bigger picture, EUR/GBP is still bounded inside medium term falling channel. While rebound from 0.8221 might extend higher, it could still develop into a corrective pattern. Overall outlook will be neutral at best and down trend from 0.9267 (2022 high) could extend, at least until decisive break of channel resistance (now at 0.8506).
