Daily Pivots: (S1) 0.8682; (P) 0.8712; (R1) 0.8734; More…
EUR/GBP recovered quickly after breaching 0.8694 support and intraday bias stays neutral first. On the upside, firm break of 0.8750 will resume larger rise to 0.8867 fibonacci level. However, decisive break of 0.8694 will turn bias back to the downside for 0.8631 support. Firm break there will indicate near term bearish reversal.
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 0.8533) will argue that the pattern has completed and bring retest of 0.8221 low.
