Daily Pivots: (S1) 0.8612; (P) 0.8630; (R1) 0.8651; More…
EUR/GBP dips notably today but stays above 0.8595 temporary low. Intraday bias stays neutral for the moment. On the upside, break of 0.8652 will suggest that the corrective pattern from 0.8752 has completed after drawing support from 38.2% retracement of 0.8354 to 0.8752 at 0.8600, and retain near term bullishness. Intraday bias will be back on the upside for retesting 0.8752 high next. However, sustained break of 0.8600 will indicate near term bearish reversal and target 61.8% retracement at 0.8506.
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 0.8501) holds.
