Daily Pivots: (S1) 0.8658; (P) 0.8675; (R1) 0.8707; More…
EUR/GBP’s rally from 0.8354 resumed by breaking through 0.8668. Intraday bias is back on the upside for 0.8737 high. Decisive break there will resume the whole rise from 0.8221 low, and target 0.8867 fibonacci level. For now, near term outlook will remains bullish as long as 0.8607 support holds.
In the bigger picture, the structure from 0.8221 medium term bottom are not impulsive enough to suggest that it’s reversing the down trend 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.
