Daily Pivots: (S1) 0.8520; (P) 0.8538; (R1) 0.8566; More…
EUR/GBP’s rise from 0.8354 resumed after brief consolidations. Intraday bias is back on the upside for 61.8% retracement of 0.8737 to 0.8354 at 0.8591. Firm break there will pave the way to 0.8373 resistance. For now, further rally will remain in favor as long as 0.8492 support holds, in case of retreat.
In the bigger picture, price actions from 0.8221 medium term bottom are merely forming a corrective pattern to the down trend from 0.9267 (2022 high). 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.
