Daily Pivots: (S1) 0.8635; (P) 0.8671; (R1) 0.8693; More…
Range trading continues in EUR/GBP and intraday bias stays neutral. Risk will remain on the downside as long as 0.8744 resistance holds. Further decline is expected 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.
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.){kind=link}