EUR/GBP Daily Analysis
Intraday bias in EUR/GBP remains neutral for the moment, as range trading continues. Further rally is expected with 0.8484 support intact. On the upside, the break of 0.8720 and sustained trading above 0.8697 medium-term Fibonacci level will carry more significant bullish implications. The next target is the 0.9003 Fibonacci level. However, the break of 0.8484 will indicate rejection by 0.8697 and turn the near-term outlook bearish.
In the bigger picture, a rise from 0.8201 medium-term bottoms could either be a correction to the down trend 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.
