Daily Pivots: (S1) 0.8762; (P) 0.8779; (R1) 0.8788; More…
EUR/GBP is still bounded in consolidations below 0.8828 and intraday bias stays neutral. Further rally is expected as long as 0.8761 support holds. On the upside, break of 0.8828 will resume the whole rise from 0.8221 and target 0.8867 fibonacci level. Firm break there will carry larger bullish implications. However, considering bearish divergence condition in 4H MACD, decisive break of 0.8761 will confirm short term topping, and bring deeper fall to 55 D EMA (now at 0.8710).
In the bigger picture, rise from 0.8221 medium term bottom is still seen as a corrective move. 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).
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