Daily Pivots: (S1) 0.8737; (P) 0.8764; (R1) 0.8804; More…
EUR/GBP’s rally accelerates higher today and intraday bias stays on the upside for 0.8867 fibonacci level. On the downside, below 0.8718 minor support will turn intraday bias neutral again first. But near term outlook will now stay bullish as long as 0.8654 support holds, in case of retreat.
In the bigger picture, rise from 0.8221 medium term bottom is seen as a corrective move. While further rally cannot be ruled out, upside should be limited by 61.8% retracement of 0.9267 to 0.8221 at 0.8867. Firm break of 0.8654 support will be the first sign that this corrective bounce has completed. However, decisive break of 0.8867 will suggest that EUR/GBP is already reversing whole decline from 0.9267 (2022 high).
