Daily Pivots: (S1) 0.8634; (P) 0.8648; (R1) 0.8661; More…
Intraday bias in EUR/GBP remains neutral for the moment. As long as 0.8636 minor support holds, further rise is still in favor. Above 0.8683 resistance will turn bias to the upside for 0.8711. Break there will bring retest of 0.8752 high. However, firm break of 0.8636 will extend the pattern from 0.88752 with another falling leg, and target 0.8595 support.
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 could still be seen to 61.8% retracement of 0.9267 to 0.8221 at 0.8867. Nevertheless, sustained trading below 55 W EMA (now at 0.8519) will argue that the pattern has completed and bring retest of 0.8221 low.
