Daily Pivots: (S1) 0.8717; (P) 0.8726; (R1) 0.8743; More…
EUR/GBP’s rally from 0.8631 is in progress and intraday bias stays on the upside for retesting 0.8752. Firm break there will resume larger rally to 61.8% projection of 0.8354 to 0.8752 from 0.8631 at 0.8877, which is close to 0.8867 fibonacci level. On the downside, though, below 0.8694 minor support will turn bias neutral first.
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.
