Daily Pivots: (S1) 0.8319; (P) 0.8329; (R1) 0.8335; More…
EUR/GBP’s strong rebound and break of 0.8370 resistance confirms short term bottoming at 0.8309. Intraday bias is back on the upside. Decisive break of 38.2% retracement of 0.8624 to 0.8309 at 0.8429 will pave the way to 61.8% retracement at 0.8504 and possibly above. On the downside, below 0.8370 resistance turned support will turn intraday bias neutral first.
In the bigger picture, down trend from 0.9267 (2022 high) is in progress. Next target is 0.8201 (2022 low), but strong support should be seen there to bring rebound. However, outlook will remain bearish as long as 0.8624 resistance holds even in case of strong rebound.
