Daily Pivots: (S1) 0.8287; (P) 0.8327; (R1) 0.8358; More…
Immediate focus is now on 0.8379 resistance as EUR/GBP’s rebound from 0.8248 extends. Firm break there will turn bias back to the upside. Further break of 0.8511 will reaffirm that 0.8201 is a medium term bottom, and target 0.8697 medium term fibonacci level next. On the downside, though, break of 0.8248 will resume the fall from 0.8511 to retest 0.8201 low.
In the bigger picture, a medium term bottom should be in place at 0.8201, on bullish convergence condition in daily and weekly MACD. Rise from there could either be a correction to the down trend from 0.9499 (2020 high), or a medium term up trend itself. In either case, further rise should be seen to 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will target 61.8% retracement at 0.9003. This will remain the favored case as long as 0.8294 support holds.
