Daily Pivots: (S1) 0.8591; (P) 0.8624; (R1) 0.8642; More…
Intraday bias in EUR/GBP is turned neutral with current retreat, and some consolidations could be seen below 0.8668 temporary top. Further rally is expected as long as 0.8506 support holds. Above 0.8668 will resume the rally from 0.8354 to retest 0.8737 high. Decisive break there will resume the whole rise from 0.8221 low.
In the bigger picture, the structure from 0.8221 medium term bottom are not impulsive enough to suggest that it’s reversing the downside from 0.9267 (2022 high). But even if it’s a correction, firm break of 0.8737 will still pave the way to 61.8% retracement of 0.9267 to 0.8221 at 0.8867.
