Daily Pivots: (S1) 0.8379; (P) 0.8401; (R1) 0.8417; More…
EUR/GBP edges higher today as rebound from 0.8221 extends. Intraday bias stays mildly on the upside for 0.8446 resistance, despite loss of momentum. Firm break there will target 0.8624 cluster resistance zone, even as a corrective move. On the downside, below 0.8384 minor support will turn intraday bias neutral first.
In the bigger picture, considering bullish convergence condition in D MACD, decisive break of 0.8446 resistance and 55 D EMA (now at 0.8446) should confirm medium term bottoming at 0.8221, just ahead of 0.8201 key support (2022 low). Further rally should be seen towards 0.8624 key resistance, even as a correction to the down trend from 0.9267 (2022 high). Overall, however, medium term outlook will be neutral at best until decisive break of 0.8624 cluster zone (38.2% retracement of 0.9267 to 0.8221 at 0.8621). Risk will stay on the downside even in case of strong rebound.
