Daily Pivots: (S1) 0.8649; (P) 0.8681; (R1) 0.8705; More…
Intraday bias in EUR/GBP stays on the downside and deeper fall should be seen to 0.8631 cluster support (38.2% retracement of 0.8221 to 0.8663 at 0.8618). Decisive break there will carry larger bearish implications and pave the way to 61.8% retracement at 0.8466. Risk will now stay on the downside as long as 0.8744 resistance holds, in case of recovery.
In the bigger picture, rise from 0.8221 medium term bottom (2024 low) is 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 0.8625) should confirm that this corrective bounce has completed. In this case, deeper fall would be seen back to 0.8201/21 key support zone. 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.
. Decisive break there will carry larger bearish implications and pave the way to 61.8% retracement at 0.8466. Risk will now stay on the downside as long as 0.8744 resistance holds, in case of recovery.){kind=link}