EUR/GBP Daily Analysis
EUR/GBP is still extending the consolidation from 0.8617 and intraday bias remains neutral. With 0.8365 support intact, further rise is in favor. On the upside, the break of 0.8617 will resume the rise from 0.8201 medium-term bottom to 0.8697 medium-term Fibonacci level. However, the break of 0.8365 will dampen this bullish view, and turn bias back to the downside instead.
In the bigger picture, a medium-term bottom could be in place at 0.8201, on bullish convergence conditions in daily and weekly MACD. The rise from there could either be a correction to the downtrend from 0.9499 (2020 high), or a medium-term up trend itself. In either case, a further rise should be seen to 38.2% retracement of 0.9499 to 0.8201 at 0.8697. A sustained break there will target 61.8% retracement at 0.9003.
