Daily Pivots: (S1) 0.8745; (P) 0.8759; (R1) 0.8783; More…
EUR/GBP’s recovery from 0.8720 extends higher today but stays below 0.8800 resistance. Intraday bias remains neutral for the moment, and further decline is still expected. Fall from 0.8863 should at least be a correction to the up trend from 0.8221, with risk of bearish reversal. Below 0.8720 will target 0.8631 cluster (38.2% retracement of 0.8221 to 0.8663 at 0.8618). However, break of 0.8800 will turn bias back to the upside for retesting 0.8863.
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 0.8600) 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.
. However, break of 0.8800 will turn bias back to the upside for retesting 0.8863.){kind=link}