Daily Pivots: (S1) 0.8607; (P) 0.8626; (R1) 0.8645; More…
Intraday bias in EUR/GBP remains on the upside and outlook is unchanged. Fall from 0.8764 has probably completed already. Further rally would be seen to medium term trend line resistance (now at 0.8649). Decisive break there will solidify this bullish case and target 0.8764 resistance next. On the downside, below 0.8596 minor resistance will turn intraday bias neutral again first.
In the bigger picture, outlook is mixed up by current strong rebound. On the upside, sustained break of the trend medium term trend resistance will argue that the down trend from 0.9267 (2022 high) has completed as a triangle pattern. Further rise should then be seen through 0.8764 resistance next. However, rejection by the trend line will retain medium term bearishness for another fall through 0.8491 at a later stage.
. Decisive break there will solidify this bullish case and target 0.8764 resistance next. On the downside, below 0.8596 minor resistance will turn intraday bias neutral again first.){kind=link}