Daily Pivots: (S1) 0.8642; (P) 0.8700; (R1) 0.8735; More…
Intraday bias in EUR/GBP is turned neutral first with current steep retreat. Considering bearish divergence condition in 4H MACD, sustained trading below 55 4H EMA (now at 0.8678) will confirm short term topping. Deeper pullback should then be seen to 38.2% retracement of 0.8354 to 0.8752 at 0.8600.
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, further rise is expected to 61.8% retracement of 0.9267 to 0.8221 at 0.8867. This will remain the favored case as long as 55 W EMA (now at 0.8486) holds.
 will confirm short term topping. Deeper pullback should then be seen to 38.2% retracement of 0.8354 to 0.8752 at 0.8600.){kind=link}