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EUR/GBP: Key Reversal or Corrective Bounce? Let’s Break It Down

The EUR/GBP pair has staged an impressive bounce from 0.8230, a significant support level that coincides with the S1 pivot point. This sharp recovery has traders debating whether we’re witnessing the start of a bullish reversal or just a short-lived corrective bounce within the broader downtrend.

Key technical signals are lighting up. The rebound from 0.8230 aligns perfectly with a major pivot zone and Fibonacci retracement levels, with targets near 0.8265 (38.2%) and 0.8280 (50%). RSI, which had been deeply oversold, is now climbing back toward the midline. A break above 50 RSI could confirm bullish momentum and bring further upside toward the 200 WMA, currently sitting near 0.8275.

Why does this matter? Clearing 0.8270 is critical for bulls, as this level aligns with both Fibonacci and moving average resistance. Failing to do so could bring sellers back into the picture, driving the pair toward a retest of 0.8230 or even lower. For now, buyers seem in control, but this week’s upcoming Eurozone and UK economic data could shift the tide.

⚠️ Fundamental backdrop: The ECB’s cautious tone continues to pressure the Euro, especially in contrast to the Bank of England’s hawkish outlook. If Eurozone data underwhelms while the UK’s economy shows resilience, the Pound could extend its dominance. However, geopolitical risks and market sentiment could favor the Euro in risk-off scenarios, creating opportunities for volatility.
What makes this setup even more interesting is the clear technical battle unfolding at these levels. The 50 WMA is sloping downward, but price is trying to reclaim this level. Meanwhile, the sharp reversal candle suggests significant buyer interest, hinting that this move may have legs.

Want the full breakdown with chart visuals, pivot levels, and Fibonacci targets? Head over to vglobalmarkets.com for all the key insights.
Will the EUR/GBP break resistance at 0.8270, or will the broader bearish trend resume? Share your thoughts, and let’s discuss potential setups. Are you leaning bullish or bearish for this pair? Let’s talk strategy!

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