Daily Pivots: (S1) 0.8668; (P) 0.8677; (R1) 0.8687; More…
Intraday bias in EUR/GBP stays on the upside despite some loss of upside momentum. Current rebound from 0.8548 would target 0.8764 key resistance next. EUR/GBP’s rebound from 0.8548 is still in progress and intraday bias remains on the upside. Further rise should be seen to 0.8764 key resistance next. On the downside, however, break of 0.8649 minor support will turn bias back to the downside for 0.8548 support instead.
In the bigger picture, current development suggests that down trend from 0.9267 (2022 high) is still in progress. This decline is seen as the third leg of the pattern from 0.9499 (2020 high). Break of 0.8201 will target 100% projection of 0.9499 to 0.8201 from 0.9267 at 0.7969. In any case, outlook will stay bearish as long as 0.8764 resistance holds.
