Daily Pivots: (S1) 0.8662; (P) 0.8680; (R1) 0.8715; More…
EUR/GBP’s break of 0.8683 resistance suggests that pullback from 0.8711 has completed at 0.8631. Rise from 0.8595 is resuming. Intraday bias is back on the upside for 0.8711 first. Break there will target a retest on 0.8752 high. For now, further rise is expected as long as 0.8631 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 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 0.8518) will argue that the pattern has completed and bring retest of 0.8221 low.
