Daily Pivots: (S1) 0.8414; (P) 0.8439; (R1) 0.8484; More…
EUR/GBP’s rise from 0.8248 resumes after brief retreat and intraday bias is back on the upside. Current rally should target 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 0.8391 minor support will mix up the outlook and turn bias neutral again.
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.
