Daily Pivots: (S1) 0.8623; (P) 0.8645; (R1) 0.8682; More…
EUR/GBP’s break of 0.8652 resistance suggests that corrective pattern from 0.8752 has completed at 0.8595 after hitting 38.2% retracement of 0.8354 to 0.8752 at 0.8600. Intraday bias is back on the upside for retesting 0.8752. Firm break there will resume larger rebound from 0.8221. For now, risk will stay on the upside as long as 0.8595 support holds, in case of retreat.
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.
