Daily Pivots: (S1) 0.8345; (P) 0.8381; (R1) 0.8449; More…
Intraday bias in EUR/GBP remains on the upside at this point. Further rally should be seen to 0.8511 resistance first. 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, below 0.8307 will turn bias back to the downside for 0.8248 support instead.
In the bigger picture, a medium term bottom could 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.
