Daily Pivots: (S1) 0.8320; (P) 0.8354; (R1) 0.8380; More…
EUR/GBP’s strong rally today suggests that fall from 0.8448 has completed at 0.8314 as a correction only. Intraday bias is back on the upside. Firm break of 0.8448 will target medium term channel resistance (now at 0.8490), and probably further to 100% projection of 0.8239 to 0.8448 from 0.8314 at 0.8523.
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 0.8490).
, and probably further to 100% projection of 0.8239 to 0.8448 from 0.8314 at 0.8523.){kind=link}