Daily Pivots: (S1) 0.8598; (P) 0.8628; (R1) 0.8645; More…
Intraday bias in EUR/GBP remains on the downside at this point. Fall from 0.8752 is seen as correcting the rise form 0.8354 for now. Deeper decline could be seen through 38.2% retracement of 0.8354 to 0.8752 at 0.8600. But strong support might emerge from 55 D EMA (now at 0.8576) to bring rebound. On the upside, above 0.8684 minor resistance will turn intraday bias neutral first. However, sustained trading below 55 D EMA will raise the chance of near term bearish reversal.
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.
 to bring rebound. On the upside, above 0.8684 minor resistance will turn intraday bias neutral first. However, sustained trading below 55 D EMA will raise the chance of near term bearish reversal.){kind=link}