The EUR/GBP pair continues to trade sideways, maintaining a neutral intraday bias. Key resistance remains at the 0.8610 level, which is expected to cap any corrective bounce from the 0.8453 low. On the lower side, a decisive break below the 0.8545 support could shift the bias back to the downside, paving the way for a retest of the 0.8453 low. However, a sustained close above 0.8610 would weaken the bearish outlook and open the path for a stronger rally toward the 0.8728 resistance level.
From a broader perspective, the upward move originating from the 2024 low at 0.8221 likely concluded at 0.8863, just shy of the 38.2% Fibonacci retracement of the decline from 0.9267 to 0.8221 at 0.8867. A deeper correction could see prices fall back toward the 0.8221 level. For the time being, the overall outlook remains neutral as long as the 0.8610 level holds as resistance. Nevertheless, a sustained break above 0.8610 would suggest that the decline from 0.8863 has ended as a corrective wave rather than a full reversal, potentially signaling a shift in trend.
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