Daily Pivots: (S1) 0.8617; (P) 0.8653; (R1) 0.8710; More…
Intraday bias in EUR/GBP is back on the upside as rise from 0.8338 resumed. Decisive break of 0.8720 high will carry larger bullish implications. Next target is 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857. For now, further rally will remain in favor as long as 0.8565 support holds.
In the bigger picture, focus is back on 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will argue that rise from 0.8201 is a medium term up trend, rather than a correction. Next target is 61.8% retracement at 0.9003. Rejection by 0.8697 again will maintain medium term bearishness, for extending the down trend from 0.9499 (2020 high) at a later stage.
