Daily Pivots: (S1) 0.8718; (P) 0.8738; (R1) 0.8769; More…
EUR/GBP’s rebound from 0.8611 is resuming and intraday bias is back on the upside. Sustained trading above 0.8744 resistance will solidify the case that fall from 0.8863 has completed as a correction at 0.8661. Further rise should then be seen back to retest 0.8663 high. On the downside, below 0.8705 support will turn intraday bias neutral again first. But near term outlook will stay bullish as long as 38.2% retracement of 0.8221 to 0.8663 at 0.8618 holds.
In the bigger picture, focus remains on 61.8% retracement of 0.9267 to 0.8221 at 0.8867. Rejection by this level will keep the rise from 0.8221 medium term bottom (2024) as a corrective move. Sustained trading below 55 W EMA (now at 0.8636) 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.
