EUR/GBP Daily Analysis
Intraday bias in EUR/GBP stays neutral and the outlook is unchanged. Further rally is in favor with 0.8365 support intact. On the upside, the break of 0.8617 will resume rising from 0.8201 medium-term bottom to 0.8697 medium-term Fibonacci level. However, the break of 0.8365 will dampen this bullish view, and turn bias back to the downside instead.
In the bigger picture, a medium-term bottom could be in place at 0.8201, on bullish convergence conditions in daily and weekly MACD. The rise from there could either be a correction to the downtrend from 0.9499 (2020 high) or a medium-term uptrend. A further rise should be seen to 38.2% retracement of 0.9499 to 0.8201 at 0.8697. A sustained break there will target 61.8% retracement at 0.9003.
