With 4 hours MACD crossed below signal line, an intraday top should be in place in EUR/GBP at 0.9153. Bias is turned neutral and some consolidation should be seen. Nevertheless, downside should be contained by 0.8977 support and bring rally resumption. Above 0.9153 will target 61.8% retracement of 0.9410 to 0.8833 at 0.9109 first and then 0.9410 high next.
In the bigger picture, medium term correction from 0.9799 has completed with three waves down to 0.8399 already and rise from there is tentatively treated as resumption of long term up trend. Pull back from 0.9410 should have completed inside mentioned support zone of 0.8704/8837 as expected and rise from 0.8399 should be resuming for a retest of 0.9799 high first. Break of 0.9799 will bring rally to next medium term target at 61.8% projection of 0.6535 to 0.9799 from 0.8399 at 1.0416. We'll hold on to this bullish view as long as 0.8704 support holds.
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