Daily Pivots: (S1) 0.8706; (P) 0.8722; (R1) 0.8735; More…
EUR/GBP dipped to 0.8711 after breaching 0.8720 support but quickly recovered. Intraday bias is turned neutral first. Further fall is expected as long as 0.8796 resistance holds. Below 0.8711 will resume the decline from 0.8863 to 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}