EUR/GBP Daily Analysis
The immediate focus is now on 0.8768 support in EUR/GBP. A sustained break of 0.8768, and 38.2% retracement of 0.8545 to 0.8896 at 0.8762, will argue that the whole rebound from 0.9545 has been completed. A deeper fall would be seen back to 61.8% retracement at 0.8679 and possibly further to retest at 0.8545 low. On the upside, a break of 0.8896 will resume the rally from 0.8545 to 61.8%, a projection of 0.8545 to 0.8876 from 0.8768 at 0.8973.
In the bigger picture, with 55-week EMA (now at 0.8618) intact, the favored case is that a rise from 0.8545 is part of the trend from 0.8201 (2022 low). Sustained trading above 61.8% retracement of 0.9276 to 0.8545 at 0.8997 will pave the way to retest the 0.9267 high next. However, the break of 0.8768 support will dampen this view and bring a retest of 0.8545 low instead.