Daily Pivots: (S1) 0.8486; (P) 0.8498; (R1) 0.8517; More…
EUR/GBP’s fall from 0.8737 should still be in progress for 55 D EMA (now at 0.8451). Sustained break there will argue that whole rebound from 0.8221 has completed and turn near term outlook bearish. On the upside, though, break of 0.8544 resistance will turn bias back to the upside fro retesting 0.8737.
In the bigger picture, down trend from 0.9267 (2022 high) should have completed at 0.8221, just ahead of 0.9201 key support (2024 low). Rise from 0.8221 is likely reversing the whole fall. Further rise should be seen to 61.8% retracement of 0.9267 to 0.8221 at 0.8867 next. This will remain the favored case as long as 0.8472 resistance turned support holds.
. Sustained break there will argue that whole rebound from 0.8221 has completed and turn near term outlook bearish. On the upside, though, break of 0.8544 resistance will turn bias back to the upside fro retesting 0.8737.){kind=link}