Daily Pivots: (S1) 0.8674; (P) 0.8687; (R1) 0.8706; More…
EUR/GBP’s rebound from 0.8610 is still in progress. A short term bottom should be formed and intraday bias remains on the upside for 0.8788 resistance. For now, risk is mildly on the upside as long as 0.8610 support holds, in case of retreat.
In the bigger picture, current development revived the case that whole rise from 0.8221 (2024 low) has completed at 0.8863, after rejection by 61.8% retracement of 0.9267 (2022 high) to 0.8221 at 0.8867. Sustained trading below 38.2% retracement of 0.8821 to 0.8863 at 0.8618 will confirm this case, and bring deeper fall to 61.8% retracement at 0.8466 at least. For now, medium term outlook is neutral at best as long as 0.8863 resistance holds.
