Daily Pivots: (S1) 0.8376; (P) 0.8404; (R1) 0.8452; More…
EUR/GBP’s break of 0.8400 resistance indicates short term bottoming at 0.8354, on bullish convergence condition in 4H MACD. Rebound from there is seen as a corrective move first. Still, intraday bias is back on the upside for 0.8458 resistance and then 38.2% retracement of 0.8737 to 0.8354 at 0.8500.
In the bigger picture, current development suggests that price actions from 0.8221 medium term bottom are merely forming a corrective pattern. However, there is no clear momentum to break through 0.8201 key support (2022 low) yet. Hence, range trading is expected between 0.8221/8737 for now.
