Daily Pivots: (S1) 0.8717; (P) 0.8727; (R1) 0.8735; More…
Immediate focus is now on 0.8270 support in EUR/GBP. Decisive break there will resume whole fall from 0.8863, and target 0.8631 cluster support (38.2% retracement of 0.8221 to 0.8663 at 0.8618). However, on the upside, break of 0.8796 resistance will argue that the fall has completed as a correction, and 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 0.8610) 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, on the upside, break of 0.8796 resistance will argue that the fall has completed as a correction, and turn bias back to the upside for retesting 0.8863.){kind=link}