Daily Pivots: (S1) 0.8649; (P) 0.8660; (R1) 0.8681; More…
Intraday bias in EUR/GBP stays mildly on the upside at this point. Corrective pattern form 0.8752 could have completed with three waves to 0.8595. Further rise should be seen to retest 0.8752 high next. On the downside, below 0.8638 minor support will turn intraday bias neutral again first. Sustained trading below 38.2% retracement of 0.8354 to 0.8752 at 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 0.8508) holds.
