Daily Pivots: (S1) 0.8565; (P) 0.8581; (R1) 0.8605; More…
Intraday bias in EUR/GBP remains on the upside as rise from 0.8354 is in progress. Sustained trading above 61.8% retracement of 0.8737 to 0.8354 at 0.8591 will extend the rally from 0.8354 to 0.8737 high. However, firm break of 0.8506 support will suggest rejection by 0.8591, and turn bias back to the downside instead.
In the bigger picture, price actions from 0.8221 medium term bottom are seen as 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.
