Daily Pivots: (S1) 0.8695; (P) 0.8713; (R1) 0.8726; More…
EUR/GBP’s fall from 0.8863 resumed by breaking 0.8701 and intraday bias is back on the downside. Further fall should be seen to 0.8631 cluster support (38.2% retracement of 0.8221 to 0.8663 at 0.8618). On the upside, though, firm break of 0.8744 will indicate short term bottoming, and turn bias back to the upside for 0.8796 resistance.
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 0.8617) 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.
. On the upside, though, firm break of 0.8744 will indicate short term bottoming, and turn bias back to the upside for 0.8796 resistance.){kind=link}