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EUR/GBP Daily Outlook

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Daily Pivots: (S1) 0.8689; (P) 0.8737; (R1) 0.8766; More...

A temporary top is formed at 0.8786 in EUR/GBP with 4 hours MACD staying below signal line. Intraday bias is turned neutral for consolidations. Deeper retreat might be seen but downside should be contained by 38.2% retracement of 0.8402 to 0.8786 at 38.2% retracement of 0.8402 to 0.8786 at 0.8639 and bring another rise. Above 0.8786 will target 0.8851 resistance and above. However, price actions from 0.8303 are seen as the second leg of the corrective pattern from 0.9304. Hence, we'd expect strong resistance from 100% projection of 0.8303 to 0.8851 from 0.8402 at 0.8950 to limit upside.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. Deeper fall cannot be ruled out yet. But we'd expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside. Overall, the corrective pattern would take some time to complete before long term up trend resumes at a later stage. Break of 0.9304 will pave the way to 0.9799 (2008 high).

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart