EUR/GBP Daily Analysis
EUR/GBP’s break of 0.8484 support argues that a rebound from 0.8201 has been completed at 0.8720, after rejection by 0.8697 medium-term Fibonacci level. Intraday bias is back on the downside for 0.8248 support first. The break will target 0.8201 low. For now, risk will stay on the downside as long as 0.8720 resistance holds, in case of recovery.
In the bigger picture, a rise from 0.8201 medium-term bottoms could either be a correction to the downtrend from 0.9499 (2020 high), or a medium-term up trend itself. A sustained break of 38.2% retracement of 0.9499 to 0.8201 at 0.8697 will affirm the latter case, and pave the way to 61.8% retracement at 0.9003. However, rejection by 0.8697 will maintain medium-term bearishness.