Daily Pivots: (S1) 0.8382; (P) 0.8402; (R1) 0.8412; More…
Break of 0.8403 support confirms short term topping at 0.8472 in EUR/GBP. Intraday bias is back on the downside for 55 D EMA (now at 0.8354). Sustained break there will argue that whole rebound from 0.8221 has completed as a corrective move. Nevertheless, strong bounce from the 55 D EMA, followed by break of 0.8472 resistance, will resume the rally towards 0.8624 key cluster resistance zone.
In the bigger picture, a medium term bottom should be in place at 0.8221, just ahead of 0.8201 key support (2022 low). Sustained trading above 55 W EMA (now at 0.8442) will pave the way to 0.8624 cluster zone (38.2% retracement of 0.9267 to 0.8221 at 0.8621), even just as a correction to the down trend from 0.9267 (2022 high). But still, medium term outlook will be neutral at best as long as 0.8621/4 holds.
. Sustained break there will argue that whole rebound from 0.8221 has completed as a corrective move. Nevertheless, strong bounce from the 55 D EMA, followed by break of 0.8472 resistance, will resume the rally towards 0.8624 key cluster resistance zone.){kind=link}