Daily Pivots: (S1) 0.8777; (P) 0.8799; (R1) 0.8813; More…
Intraday bias in EUR/GBP remains neutral as sideway trading continues. Considering bearish divergence condition in 4H MACD, firm break of 0.8765 support will confirm short term topping. Intraday bias will be back to the downside for 55 D EMA (now at 0.8741). Sustained break there will be an early sign of bearish trend reversal. Nevertheless, decisive break of 0.8867 fibonacci level will carry larger bullish implications.
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. Sustained trading below 55 W EMA (now at 0.8588) should confirm 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). That should pave the way back to 0.9267.
. Sustained break there will be an early sign of bearish trend reversal. Nevertheless, decisive break of 0.8867 fibonacci level will carry larger bullish implications.){kind=link}