EUR/GBP Daily Analysis
Intraday bias in EUR/GBP remains neutral for the moment. On the downside, the break of 0.8484 support will suggest rejection by 0.8697 medium-term Fibonacci resistance. Outlook will be turned bearish for 0.8248 support next. On the upside, the break of 0.8720 and sustained trading above 0.8697 medium-term Fibonacci level will carry larger bullish implications. The next target is the 0.9003 Fibonacci level.
In the bigger picture, a rise from 0.8201 to the medium-term bottom could either be a correction to the downtrend 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.
