Daily Pivots: (S1) 0.8524; (P) 0.8543; (R1) 0.8555; More…
Intraday bias in EUR/GBP is turned neutral with current retreat, and some consolidations could be seen below 0.8563 temporary top first. Further rally will remain in favor as long as 0.8492 support holds. Above 0.8563 will target 61.8% retracement of 0.8737 to 0.8354 at 0.8591. Firm break there will pave the way to 0.8373 resistance.
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.
