Daily Pivots: (S1) 0.8507; (P) 0.8550; (R1) 0.8589; More…
Intraday bias in EUR/GBP remains on the upside for the moment. Current rally should now target 0.8697 medium term fibonacci level next. On the downside, below 0.8500 minor support will turn intraday bias neutral first. But outlook will stays bullish as long as 0.8465 resistance turned support holds.
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.
