EUR/GBP Daily Analysis
EUR/GBP retreated after hitting 0.8585 and intraday bias is turned neutral again. The further rise will remain mildly in favor as long as 0.8456 minor support holds. Above 0.8585 will target a retest on 0.8720 resistance. However, the break of 0.8456 should resume the fall from 0.8720 through 0.8401.
In the bigger picture, attention remains on 38.2% retracement of 0.9499 to 0.8201 at 0.8697. A sustained break there will affirm the case that a rise from 0.8201 is a medium-term up trend itself. Further rally would then be seen to 61.8% retracement at 0.9003. However, rejection by 0.8697 will confirm medium-term bearishness for another fall through 0.8201.
