Daily Pivots: (S1) 0.8587; (P) 0.8651; (R1) 0.8749; More…
EUR/GBP’s rally continues today and hit 0.8697 medium term fibonacci level. Intraday bias stays on the upside at this point. Sustained break above 0.8697 will carry larger bullish implication and target next fibonacci level at 0.9003. On the downside, below 0.8593 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as 0.8484 support holds.
In the bigger picture, rise from 0.8201 medium term bottom could could either be a correction to the down trend from 0.9499 (2020 high), or a medium term up trend itself. Sustained break of 38.2% retracement of 0.9499 to 0.8201 at 0.8697 will affirm the latter case, and pave the way to 61.8% retracement at 0.9003.
