EUR/GBP Daily Analysis
Intraday bias in EUR/GBP remains neutral for consolidation below 0.8786. Some consolidations could be seen but the downside should be contained by 0.8624 support to bring another rally. On the upside, the break of 0.8786 will resume a larger rise from 0.8201 to a 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857.
In the bigger picture, current development suggests that the downtrend from 0.9499 (2020 high) has completed at 0.8201. Rise from there is developing into a medium-term up trend. Further rally would be seen to 61.8% retracement of 0.9499 to 0.8201 at 0.9003 next. This will now remain the favored case as long as 55-day EMA (now at 0.8545) holds.
