Daily Pivots: (S1) 0.8314; (P) 0.8342; (R1) 0.8360; More…

Intraday bias in EUR/GBP remains neutral for the moment. On the downside, below 0.8294 will resume the fall from 0.8456 to retest 0.8201 low. Firm break there will resume larger down trend. On the upside, however, break of 0.8456 will resume the rebound from 0.8201 to 0.8476 structural resistance.

In the bigger picture, the down trend from 0.9499 is expected to continue as long as 0.8476 resistance holds. Sustained trading below 0.8276 support will argue that the whole up trend from 0.6935 (2015 low) has reversed. Deeper fall should be seen to 61.8% retracement of 0.6935 to 0.9499 at 0.7917 next. However, firm break of 0.8476 will indicate medium term bottoming at least. Focus will be back on 55 week EMA (now at 0.8523) for more evidence of bullish reversal.

Daily Pivots: (S1) 0.8554; (P) 0.8589; (R1) 0.8619; More…

EUR/GBP’s break of 0.8575 suggests resumption of fall form 0.9324. Intraday bias is back on the downside. Current decline should target 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) 0.8351; (P) 0.8377; (R1) 0.8395; More…

Intraday bias in EUR/GBP is turned neutral as it retreated after hitting 55 day EMA (now at 0.8418). On the upside, break of 0.8421 will resume the rebound from 0.8304 short term bottom towards 0.8598 resistance. On the downside, however, break of 0.8349 will turn bias back to the downside for 0.8304 low instead.

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 0.8598 resistance holds, towards long term support at 0.8276. We’d look for bottoming signal around there to bring reversal. Meanwhile, firm break of 0.8598 will now be an early sign of medium term bottoming and bring stronger rebound. However, sustained break of 0.8276 will argue that the long term trend has reversed.

Daily Pivots: (S1) 0.8844; (P) 0.8866; (R1) 0.8905; More…

EUR/GBP’s rise form 0.8753 resumed by breaking 0.8895 temporary top and intraday bias is back on the upside. Current development suggests that correction from 0.8977 has completed with three waves down to 0.8753. Further rally should be seen to retest 0.8977 high next. Firm break there will resume the whole rally from 0.8545.

In the bigger picture, outlook is rather mixed for now, except that price actions from 0.9267 (2022 high) are part of the long term range pattern from 0.9499 (2020 high). With 0.8720 support intact, rise from 0.8545 is in favor to continue through 0.8977. However, firm break of 0.8720 will argue that such rebound has completed, and open up deeper fall through this support level.

EUR/GBP rebounded to as high as 0.8991 last week. The development suggests that fall from 0.9305 has completed at 0.8745 already. Initial bias remains on the upside this week for 61.8% retracement of 0.9305 to 0.8745 at 0.9091. Break there will target a retest on 0.9305 high. On the downside, below 0.8880 minor support will turn bias to the downside for retesting 0.8745 instead.

In the bigger picture, there are various ways to interpret price actions from 0.9304 high. But after all, firm break of 0.9304/5 is needed to confirm up trend resumption. Otherwise, range trading will continue with risk of another fall. And in that case, EUR/GBP could have a retest on 0.9303 low. 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.

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 through 0.9799 to 100% projection of 0.5680 to 0.9799 from 0.6935 at 1.1054.

Daily Pivots: (S1) 0.8976; (P) 0.9007; (R1) 0.9030; More…

EUR/GBP is staying in consolidation from 0.9175 and intraday bias remains neutral. On the upside, break of 0.9175 will resume larger rise from 0.8670, towards 0.9499 high. However, break of 0.8930 support will also come with firm break of 55 day EMA. That would argue that rebound from 0.8670 has completed. In this case, intraday bias will be turned to the downside for 0.8864 support for confirmation.

In the bigger picture, while the pull back from 0.9499 was deep, there is no sign of trend reversal yet. The up trend from 0.6935 (2015 low) should resume at a later stage to 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. This will remain the favored case as long as 0.8276 support holds.

Daily Pivots: (S1) 0.8681; (P) 0.8690; (R1) 0.8709; More…

Further fall is expected in EUR/GBP as long as 0.8745 resistance holds. Current decline from 0.8977 should target 100% projection of 0.8977 to 0.8717 from 0.8874 at 0.8614. Firm break there will pave the way to 161.8% projection at 0.8453. On the upside, above 0.8745 minor resistance will turn intraday bias neutral first. But outlook will remain cautiously bearish as long as 0.8874 resistance holds.

In the bigger picture, current development argues that whole decline from 0.9267 (2022 high) is still in progress. This is part of the long term range pattern from 0.9499 (2020 high). Deeper fall would be seen to 0.8338 support, or further to 0.8201. This will now remain the favored case as long as 0.8874 resistance holds.

Daily Pivots: (S1) 0.8557; (P) 0.8599; (R1) 0.8624; More…

Intraday bias in EUR/GBP remains neutral for the moment, as range trading continues. Further rally is expected with 0.8484 support intact. On the upside, break of 0.8720 and sustained trading above 0.8697 medium term fibonacci level will carry larger bullish implication. Next target is 0.9003 fibonacci level. However, break of 0.8484 will indicate rejection by 0.8697 and turn near term outlook bearish.

In the bigger picture, rise from 0.8201 medium term bottom could could either be a correction to the down trend from 0.9499 (2020 high), or a medium term up trend itself. Sustained break of 38.2% retracement of 0.9499 to 0.8201 at 0.8697 will affirm the latter case, and pave the way to 61.8% retracement at 0.9003. However, rejection by 0.8697 will maintain medium term bearishness.

Daily Pivots: (S1) 0.8397; (P) 0.8453; (R1) 0.8550; More…

EUR/GBP’s break of 0.8508 resistance confirms short term bottoming a 0.8276. Intraday bias is turned back to the upside. Rise from 0.8276 is correcting whole fall form 0.9324 and should target 38.2% retracement of 0.9324 to 0.8276 at 0.8676. On the downside, break of 0.8476 minor support will turn bias to the downside for retesting 0.8276 low instead.

In the bigger picture, fall from 0.9324 medium term top is still in progress. 38.2% retracement of 0.6935 to 0.9324 at 0.8411 was firmly taken out. Further decline should now be seen to 61.8% retracement at 0.7848 next. In any case, further decline would remain in favor as long as 0.8786 support turned resistance holds, even in case of strong rebound.

Daily Pivots: (S1) 0.8465; (P) 0.8482; (R1) 0.8512; More…

EUR/GBP retreats sharply after hitting 0.8551 and intraday bias is turned neutral first. At this point, further rise is still in favor as long as 0.8294 support holds. 0.8201 is seen as a medium term bottom. Above 0.8511 will target 0.8697 medium term fibonacci level next. However, break of 0.8294 will dampen this bullish view and bring retest of 0.8201 low.

In the bigger picture, a medium term bottom should be in place at 0.8201, on bullish convergence condition in daily and weekly MACD. Rise from there could either be a correction to the down trend from 0.9499 (2020 high), or a medium term up trend itself. In either case, further rise should be seen to 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will target 61.8% retracement at 0.9003. This will remain the favored case as long as 0.8294 support holds.

Daily Pivots: (S1) 0.9014; (P) 0.9044; (R1) 0.9080; More…

Further rise is expected in EUR/GBP as long as 0.8938 minor support holds. Rebound from 0.8670 should target 61.8% retracement of 0.9499 to 0.8670 at 0.9182. Sustained trading above there would pave the way back to retest 0.9499 high. On the downside, through, break of 0.8938 minor support will turn bias back to the downside for 0.8864 support.

In the bigger picture, while the pull back from 0.9499 was deep, there is no sign of trend reversal yet. The up trend from 0.6935 (2015 low) should resume at a later stage to 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. This will remain the favored case as long as 0.8276 support holds.

Daily Pivots: (S1) 0.8778; (P) 0.8807; (R1) 0.8829; More…

EUR/GBP weakens today but after all it’s still bounded in range of 0.8686/8928. Intraday bias remains neutral. Also, outlook stays mildly bearish with 0.8928 resistance intact. On the downside, firm break of 0.8686 will resume whole decline from 0.9305. As 61.8% retracement of 0.8312 to 0.9305 should then be taken out too, deeper decline would be seen to retest 0.8303/8312 support zone. Nonetheless, on the upside, break of 0.8928 will indicate near term reversal and turn outlook bullish for 0.9304 resistance.

In the bigger picture, there are various ways to interpret price actions from 0.9304 high. But after all, firm break of 0.9304/5 is needed to confirm up trend resumption. Otherwise, range trading will continue with risk of deeper fall. And in that case, EUR/GBP could have a retest on 0.8303. 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.

Daily Pivots: (S1) 0.8849; (P) 0.8880; (R1) 0.8895; More…

Intraday bias in EUR/GBP stays neutral for the moment. On the downside, break of 0.8847 minor support will argue that the rebound form 0.8688 has completed. In such case, intraday bias will be turned back to the downside for 0.8688 support. Break will resume whole fall from 0.9305. On the upside, break of 0.8981 resistance is needed to confirm upside momentum. And in that case, near term outlook will be turned bullish for retesting 0.9305.

In the bigger picture, there are various ways to interpret price actions from 0.9304 high. But after all, firm break of 0.9304/5 is needed to confirm up trend resumption. Otherwise, range trading will continue with risk of deeper fall. And in that case, EUR/GBP could have a retest on 0.8303. 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.

Daily Pivots: (S1) 0.8610; (P) 0.8622; (R1) 0.8645; More…

Intraday bias in EUR/GBP stays on the upside as rise from 0.8491 extends higher today. While further rally could be seen, this rise is seen as the third leg of the corrective pattern from 0.8502. Upside should be limited by 0.8667/8700 resistance zone. On the downside, below 0.8614 minor support will turn intraday bias neutral first. Further break of 0.8568 support will turn bias back to the downside for retesting 0.8491 low.

In the bigger picture, the down trend from 0.9267 (2022 high) is seen as part of the long term range pattern from 0.9499 (2020 high). Fall from 0.8977 is seen as the third leg. As long as 0.8700 resistance holds, further decline is still expected. Break of 0.8491 will resume the fall towards 0.8201 (2022 low). Nevertheless, firm break of 0.8700 will now be a sign of bullish reversal.

EUR/GBP’s rise from 0.8545 resumed last week but quickly retreated after hitting 0.8896. Initial bias is turned neutral this week first. But further rally is expected as long as 0.8768 support holds. Above 0.8896 will target 61.8% projection of 0.8545 to 0.8876 from 0.8768 at 0.8973.

In the bigger picture, with 55 week EMA (now at 0.8616) intact, the favored case is that rise from 0.8545 is part of the whole up trend from 0.8201 (2022 low). Sustained trading above 61.8% retracement of 0.9276 to 0.8545 at 0.8997 will pave the way to retest 0.9267 high next. However, break of 0.8768 support will dampen this view and bring retest of 0.8545 low instead.

In the long term picture, long term range pattern is extending. But rise from 0.6935 (2015 low) is expected to extend at a later stage, to 0.9799 (2009 high).

Daily Pivots: (S1) 0.8320; (P) 0.8344; (R1) 0.8372; More…

Intraday bias in EUR/GBP is back on the downside with focus on 0.8726 long term support. Sustained break there will carry larger bearish implications. Next near term target is 100% projection of 0.8476 to 0.8304 from 0.8405 at 0.8233 and then 161.8% projection at 0.8127. On the upside, break of 0.8405 resistance will indicate short term reversal and bring stronger rise to 0.8476 and above.

In the bigger picture, focus is now on 0.8276 long term support (2019 low). Sustained break there will argue that the long term trend has reversed. Deeper decline would be seen to 61.8% retracement of 0.6935 to 0.9499 at 0.7917. Nevertheless, break of 0.8476 resistance will indicate medium term bottoming, after drawing support from 0.8276, and bring stronger rally.

Daily Pivots: (S1) 0.8639; (P) 0.8672; (R1) 0.8696; More…

Intraday bias in EUR./GBP stays neutral for the moment. Another rise is expected as long as 0.8449 holds. Rebound from 0.8303 is seen as the second leg of the consolidation pattern from 0.9304. Above 0.8764 will target 61.8% retracement of 0.9304 to 0.8303 at 0.8922 and above. We’ll expect strong resistance above 0.8922 to limit upside and bring another fall. On the downside, below 0.8449 will turn bias to the downside for retesting 0.8303 first. Break there will extend the whole fall from 0.9304. In that case, we’ll look for bottoming signal again at around 0.8116.

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 around 55 weeks EMA (now at 0.8243) 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).

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Daily Pivots: (S1) 0.9090; (P) 0.9120; (R1) 0.9159; More…

Focus is back on 0.9007 support in EUR/GBP with yesterday’s sharp fall. Break will resume the decline from 0.9291 and turn intraday bias to the downside. Nevertheless, as such fall is still seen as a corrective move, downside should be contained above 0.8866 support to bring rebound. On the upside, break of 0.9148 resistance will now suggest completion of the correction and bring retest of 0.9291 resistance.

In the bigger picture, at this point, 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) 0.8713; (P) 0.8750; (R1) 0.8778; More…

EUR/GBP’s fall from 0.8996 is still in progress and intraday bias remains on the downside for 61.8% retracement of 0.8545 to 0.8896 at 0.8679. Sustained break there will pave the way back to retest 0.8545 low. On the upside, above 0.8802 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 0.8896 resistance holds.

In the bigger picture, current development argues that rebound from 0.8545 is merely a correction to fall from 0.9267. Sustained trading below 55 day EMA (now at 0.8748) will affirm this bearish case and target 0.8545 and below. Nevertheless, strong rebound from current level will retain near term bullishness for another rise through 0.8896 later.