Daily Pivots: (S1) 0.8571; (P) 0.8595; (R1) 0.8615; More…

Intraday bias in EUR/GBP stays neutral and outlook is unchanged. Further decline is expected with 0.8674 resistance intact. Break of 0.8545 will resume the fall from 0.9267, and target 61.8% projection of 0.9267 to 0.8647 from 0.8827 at 0.8444 next. On the upside, above 0.8674 minor resistance will indicate short term bottoming, and bring stronger rebound back to 0.8827 instead.

In the bigger picture, current development suggests that fall from 0.9267 is a down leg inside long term range pattern. Deeper fall could be seen towards 0.8201/8338 support zone. But strong support should be seen there to bring reversal. Nevertheless, firm break of 0.8827 resistance will turn favor to the case that such decline is merely a correction in the up trend from 0.8201. That is, further rally would be seen at a later stage through 0.9267.

Daily Pivots: (S1) 0.8547; (P) 0.8566; (R1) 0.8577; More…

Intraday bias in EUR/GBP remains on the downside for 0.8259 support. Decisive break there will suggest that larger down trend is ready to resume through 0.8491/7 support one. On the upside, above 0.8579 minor resistance will delay the bearish case and turn intraday bias neutral first.

In the bigger picture, outlook remains bearish as EUR/GBP is capped below medium term falling trendline. That is, down trend from 0.9267 (2022 high) is still in progress. Firm break of 0.8491/7 will target 100% projection of 0.8764 to 0.8497 from 0.8643 at 0.8376.

Daily Pivots: (S1) 0.8442; (P) 0.8453; (R1) 0.8473; More…

Intraday bias in EUR/GBP remains neutral for the moment. Also, outlook stays bearish with 0.8482 support turned resistance intact. On the downside, below 0.8429 minor support will bring retest of 0.8396 low first. Further break there will resume larger down trend to 0.8376 projection level next.

In the bigger picture, down trend from 0.9267 (2022 high) is in progress. Next target is 100% projection of 0.8764 to 0.8497 from 0.8643 at 0.8376. Sustained break there will target 161.8% projection at 0.8211 next. For now, outlook will remain bearish as long as 0.8643 resistance holds, even in case of stronger rebound.

Daily Pivots: (S1) 0.8551; (P) 0.8578; (R1) 0.8598; More…

Intraday bias in EUR/GBP remains on the downside for the moment. Current fall form 0.9324 is in progress for 100% projection of 0.9324 to 0.8786 from 0.9019 at 0.8481, which is close to 0.8472 key support. On the upside, however, break of 0.8676 resistance will indicate short term bottoming and bring stronger rebound back to 0.8786/9019 resistance zone first.

In the bigger picture, we’re now seeing 0.9324 as a medium term top on bearish divergence condition in weekly MACD. Price actions from there should develop into a corrective pattern. Deeper fall should be seen back to 38.2% retracement of 0.6935 to 0.9324 at 0.8411 but strong support should be seen there, at least on first attempt, to bring rebound. On the upside, break of 0.9324 is needed to confirm up trend resumption. Otherwise, risk will stay on the downside even in case of strong rebound.

Daily Pivots: (S1) 0.8608; (P) 0.8671; (R1) 0.8720; More…

Intraday bias in EUR/GBP remains neutral for the moment. Overall, price actions from 0.8303 are forming a corrective pattern, as the second leg of the correction from 0.9304. Below 0.8604 will turn bias to the downside for 0.8402. Break will target 0.8116 cluster support, where the correction from 0.9304 should end. On the upside, above 0.8786 will target 61.8% retracement of 0.9304 to 0.8303 at 0.8922 instead.

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).

Daily Pivots: (S1) 0.8960; (P) 0.8976; (R1) 0.9001; More…

EUR/GBP remains bounded in range of 0.8927/9101 and intraday bias remains neutral. Further rally is expected with 0.8927 support intact. On the upside, firm break of 0.9098 resistance will extend the whole rise from 0.8655 to 0.9304 key resistance next. However, on the downside, break of 0.8927 support will suggest near term reversal and turn bias to the downside for 0.8810 support and below.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). It should be in medium term rising leg for 0.9304. Meanwhile, in case of another fall, downside should be contained by 0.8620/55 support zone to bring rebound.

Daily Pivots: (S1) 0.9117; (P) 0.9140; (R1) 0.9167; More…

EUR/GBP’s corrective fall from 0.9324 might extend lower to 55 day EMA (now at 0.9038). But strong support should be seen in 0.8891/9051 support zone to bring rise resumption. On the upside, above 0.9194 minor resistance will turn bias back to the upside. Break of 0.9324 will resume larger up trend.

In the bigger picture, up trend from 0.6935 (2015 low) should be resuming. Sustained break of 0.9305 will confirm and target 0.9799 (2008 high) and then 61.8% projection of 0.6935 to 0.9305 from 0.8472 at 0.9937. In any case, medium term outlook will remain bullish as long as 0.8891 support holds, in case of deep pull back.

EUR/GBP continued to stay in range below 0.8718 resistance last week. Initial bias is neutral this week but further rise is now in favor as long as 0.8622 support holds. Above 0.8718 will resume the rebound from 0.8470 for 38.2% retracement of 0.9291 to 0.8470 at 0.8784. Sustained break there will affirm the case that whole pattern from 0.9499 has completed, and turn outlook bullish. However, break of 0.8622 support will bring retest of 0.8470 low instead.

In the bigger picture, we’re seeing the price actions from 0.9499 as developing into a corrective pattern. That is, up trend from 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds. However, firm break of 0.8276 support will suggest that rise from 0.6935 has completed and turn medium term outlook bearish.

In the long term picture, rise from 0.6935 (2015 low) is still in progress. It could be resuming long term up trend from 0.5680 (2000 low). Break of 0.9799 (2008 high) is expected down the road, as long as 0.8276 support holds.

Daily Pivots: (S1) 0.8761; (P) 0.8774; (R1) 0.8796; More…

Intraday bias in EUR/GBP remains neural and further decline is expected with 0.8838 resistance intact. Break of 0.8737 temporary low will target 0.8670 support first. It’s now in the third leg of the corrective pattern from 0.9499. Break of 0.8670 support would target 161.8% projection of 0.9291 to 0.8861 from 0.9229 at 0.8533. On the upside, though, break of 0.8838 will indicate short term bottoming and turn bias to the upside for stronger rebound.

In the bigger picture, we’re seeing the price actions from 0.9499 as developing into a corrective pattern. That is, up trend from 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds. Decisive break of 0.9499 will target 0.9799 (2008 high).

Daily Pivots: (S1) 0.8493; (P) 0.8505; (R1) 0.8518; More…

Intraday bias in EUR/GBP remains neutral for the moment. Outlook stays mildly bearish as long as 0.8556 resistance holds. On the downside, break of 0.8448 will resume the whole decline from 0.9799, to retest 0.8276 key long term support level. However, break of 0.8556 will bring stronger rebound back to 0.8668 resistance.

In the bigger picture, price actions from 0.9499 (2020 high) are still seen as developing into a corrective pattern. Deeper fall could be seen as long as 0.8718 resistance holds, towards long term support at 0.8276. However, firm break of 0.8668 resistance would argue that a medium term bottom was already formed. Stronger rise would be seen to 0.8861 support turned resistance to confirm completion of the corrective pattern.

EUR/GBP stayed in consolidation between 0.8474/8722 last week and outlook is unchanged. Initial bias remains neutral this week first. Near term outlook remains bearish as long as 0.8722 resistance holds. On the downside, break of 0.8474 will resume larger down trend for 0.8416 long term projection next. On the upside, though, break of 0.8722 will resume the rebound from 0.8474 to 0.8840 resistance first.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Current fall from 0.9305 (2017 high), is a falling leg inside the pattern. Such decline could extend to 100% projection of 0.9305 to 0.8620 from 0.9101 at 0.8416 and possibly below. But for now, we’d expect strong support around 0.8312 support to contain downside and bring rebound.

In the long term picture, we’re holding on to the view that rise from 0.6935 (2015 low) is resuming the up trend from 0.5680 (2000 low). As long as 50% retracement of 0.6935 to 0.9304 at 0.8120 holds, further rise should be seen through 0.9305 to 0.9799 and above down the road.

Daily Pivots: (S1) 0.8772; (P) 0.8807; (R1) 0.8842; More…

Intraday bias in EUR/GBP remains on the upside at this point. Current rise should target 0.8840 resistance first. Decisive break there will target 0.9101 key resistance next. On the downside, break of 0.8681 resistance turned support is needed to indicate completion of rise from 0.8489. Otherwise, near term outlook will remain cautiously bullish in case of retreat.

In the bigger picture, medium term decline from 0.9305 (2017 high) is seen as a corrective move. No change in this view. Current development argues that it might have completed with three waves down to 0.8472, just ahead of 38.2% retracement of 0.6935 (2015 low) to 0.9306 at 0.8400, after hitting 55 month EMA (now at 0.8511). Decisive break of 0.9101 resistance will confirm this bullish case. Nevertheless, as EUR/GBP is still staying inside long term falling channel, correction from 0.9305 could still extend to 0.8400 fibonacci level before completion.

Daily Pivots: (S1) 0.8943; (P) 0.8960; (R1) 0.8979; More…

EUR/GBP breached 0.8974 resistance but cannot sustain above yet. Intraday bias stays neutral first and outlook is unchanged. With 0.8871 support intact, further rise is expected. On the upside, firm break of 0.8974 resistance will resume larger rally to 0.9101 key resistance next. However, considering bearish divergence condition in 4 hour MACD, break of 0.8871 will indicate short term topping. Deeper pull back could be seen to 55 day EMA (now at 0.8804).

In the bigger picture, medium term decline from 0.9305 (2017 high) is seen as a corrective move. No change in this view. Current development argues that it might have completed with three waves down to 0.8472, just ahead of 38.2% retracement of 0.6935 (2015 low) to 0.9306 at 0.8400, after hitting 55 month EMA (now at 0.8527). Decisive break of 0.9101 resistance will confirm this bullish case. Nevertheless, as EUR/GBP is still staying inside long term falling channel, correction from 0.9305 could still extend to 0.8400 fibonacci level before completion, if upside is rejected by 0.9101.

Daily Pivots: (S1) 0.8467; (P) 0.8530; (R1) 0.8569; More…

Intraday bias in EUR/GBP remains neutral for the moment. Outlook is unchanged that the corrective rise from 0.8303 should have completed at 0.8851 already. On the downside, break of 0.8449 support should confirm our bearish view and bring resumption of whole corrective fall from 0.9304. In that case, next target is 0.8116 cluster support. However, break of 0.8650 will turn focus back to 0.8851 instead.

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).

Subscribe to our daily and mid-day newsletter to get this report delivered to your mail box

Daily Pivots: (S1) 0.8576; (P) 0.8596; (R1) 0.8617; More…

EUR/GBP’s break of 0.8674 resistance indicates short term bottoming at 0.8545. Intraday bias is back on the upside for 0.8827 resistance. Firm break there will argue that whole decline from 0.9267 has completed and turn near term outlook bullish. Nevertheless, risk will stay mildly on the downside before break of 0.8827.

In the bigger picture, current development suggests that fall from 0.9267 is a down leg inside long term range pattern. Deeper fall could be seen towards 0.8201/8338 support zone. But strong support should be seen there to bring reversal. Nevertheless, firm break of 0.8827 resistance will turn favor to the case that such decline is merely a correction in the up trend from 0.8201. That is, further rally would be seen at a later stage through 0.9267.

Daily Pivots: (S1) 0.8516; (P) 0.8536; (R1) 0.8546; More…

Intraday bias in EUR/GBP remains neutral at this point. On the downside, break of 0.8498 support will resume the choppy corrective fall from 0.8718 towards 0.8470 low. On the upside, break of 0.8555 minor resistance will turn bias back to the upside for 0.8668 resistance instead.

In the bigger picture, price actions from 0.9499 are still seen as developing into a corrective pattern. Deeper fall could be seen as long as 0.8718 resistance holds. However, firm break of 0.8717 would argue that a medium term bottom was already formed. Stronger rise would be seen to 0.8861 support turned resistance to confirm completion of the corrective pattern.

Daily Pivots: (S1) 0.8872; (P) 0.8924; (R1) 0.9017; More

EUR/GBP’s strong rise and break of 0.8948 indicates resumption of whole rebound from 0.8312. Intraday bias is turned back to the upside. Current rise would now target a test on 0.9304 high. On the downside, break of 0.8742 support is needed to indicate short term topping. Otherwise, further rise is in favor even in case of retreat.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. It’s uncertain whether it is finished yet. But in case of another fall, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside and bring rebound. Whole up trend from 0.6935 is expected to resume after consolidation from 0.9304 completes.

Daily Pivots: (S1) 0.8863; (P) 0.8888; (R1) 0.8902; More…

Outlook in EUR/GBP remains unchanged and intraday bias stays neutral. Further rise is expected as long as 0.8720 support holds. On the upside, break of 0.8977 will resume whole rise from 0.8545 to 100% projection of 61.8% projection of 0.8545 to 0.8896 from 0.8720 at 0.9071.

In the bigger picture, the notable support from 55 day EMA (now at 0.8780) retains near term bullishness. Break of 0.8896 should target 0.9267 (2022 high) and possibly above, to resume whole up trend from 0.8201 (2022 low). However, break of 0.8270 support and sustained trading below 55 day EMA will set the stage for 0.8545 and below.

Daily Pivots: (S1) 0.8535; (P) 0.8557; (R1) 0.8573; More…

EUR/GBP recovers notably today but with 0.8627 resistance intact, choppy decline from 0.8718 could still extend lower to retest 0.8470 low. However, on the upside, break of 0.8627 will turn bias back to the upside for 0.8670 resistance and above instead.

In the bigger picture, price actions from 0.9499 are still seen as developing into a corrective pattern. That is, up trend from 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds. However, firm break of 0.8276 support will suggest that rise from 0.6935 has completed and turn medium term outlook bearish.

EUR/GBP dipped to 0.8383 last week but quickly recovered. The corrective structure of fall from 0.8529 to 0.8383 suggests that rebound from 0.8312 is still in progress. Break of 0.8508 resistance should confirm and bring stronger rise.

Initial bias in EUR/GBP remains neutral this week first. On the upside, break of 0.8508 will extend the rebound from 0.8312 to 0.8786 resistance next. Further break there will target 0.9304 high. On the downside, below 0.8383 will turn bias to the downside for 0.8303/8312 support zone instead. Overall, EUR/GBP is staying in the corrective pattern from 0.9304 which will extend for a while.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. In case of deeper fall, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside. Rise from 0.6935 (2015 low) will resume at a later stage to 0.9799 (2008 high). However, sustained break of 0.8116 could bring deeper decline to next key support level at 0.7564 before the correction completes.

In the long term picture, firstly, price action from 0.9799 (2008 high) is seen as a long term corrective pattern and should have completed at 0.6935 (2015 low). Secondly, rise from 0.6935 is likely resuming up trend from 0.5680 (2000 low). Thirdly, this is supported by the impulsive structure of the rise from 0.6935 to 0.9304. Hence, after the correction from 0.9304 completes, we’d expect another medium term up trend to target 0.9799 high and above.