Daily Pivots: (S1) 0.8461; (P) 0.8475; (R1) 0.8494; More…
EUR/GBP’s rise from 0.8354 accelerates higher today and broke 38.2% retracement of 0.8737 to 0.8354 at 0.8500 decisively. Fall from 0.8737 might have already completed. But even if not, further rise should still be seen to 61.8% retracement at 0.8591. On the downside, below 0.8475 minor support will turn intraday bias neutral again first.
In the bigger picture, price actions from 0.8221 medium term bottom are merely forming a corrective pattern. Nevertheless, 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.
