Sep 16 2022, 1:15Pm+7:00
VOT Research Desk
Analytical Viewpoint EUR/GBP
Daily Pivots: (S1) 0.8667; (P) 0.8694; (R1) 0.8745;
So far, the EUR/GBP has risen to a high of 0.8751. The restart of the entire rally from 0.8201 should be confirmed by a solid break of the 0.8720 barrier.
For a 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857, the intraday bias will once again be upward. To imply short-term peaking on the downside, a break of the 0.8624 support level is required. In the absence of a retreat, the prognosis will continue to be optimistic.
In the grand scheme of things, continued trading above the 0.8697 level of the 38.2% retracement of the 0.9499 to 0.8201 range will support the claim that the increase from 0.8201 is an upward trend rather than a correction.
A further rebound would take price back to the 0.9003 level of the 61.8% retracement. As long as the 0.8338 support holds, this will now be the preferred scenario.
