EUR/GBP: Intraday Long Opportunity Brewing as Price Approaches Key Support

Current Market Structure & Intraday Setup

Good morning, KoraFX community. Let's dig into EUR/GBP today. The pair is currently trading around 0.85571, showing a 24-hour change of -0.00229, down about -0.27%. We've seen a clear sideways trend develop, with the daily range spanning from 0.85227 to 0.85915 recently. While the overall trend is horizontal, I'm observing potential for an intraday bounce given current price action.
My technical analysis on the lower timeframes suggests we are approaching a high probability zone for a reversal. We've seen price test the 0.8523 support level multiple times in the past, and it held. My entry for a long position is set at 0.85461, anticipating a move back up from this area of confluence, just above the established 0.8523 support. This positioning aims to capture a short-term rebound.

Risk Management & Target Levels

For this intraday long setup, my stop loss is placed at 0.849