Daily Pivots: (S1) 0.8538; (P) 0.8564; (R1) 0.8596; More…

EUR/GBP’s break of 0.8666 confirms resumption of rebound form 0.8303. And the break of 38.2% retracement of 0.9304 to 0.8303 at 0.8685 revived the case of near term reversal. That is, corrective fall from 0.9304 could be finished at 0.8303 already. Intraday bias is back on the upside for 61.8% retracement at 0.8922 and above. At this point, we’re not expecting up trend resumption yet. Thus, 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) 0.8538; (P) 0.8564; (R1) 0.8596; More…

EUR/GBP rises strongly today but stays below 0.8666 resistance. Intraday bias remains neutral first. On the upside, sustained break of 38.2% retracement of 0.9304 to 0.8303 at 0.8685 will revive the case of near term reversal and bring further rise to 61.8% retracement at 0.8922 and above. 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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EUR/GBP dipped to 0.8449 last week but recovered since then. Initial bias is neutral this week first. Overall, the cross is bounded in a corrective pattern that started at 0.8303. 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. On the upside, sustained break of 38.2% retracement of 0.9304 to 0.8303 at 0.8685 will revive the case of near term reverse and bring further rise to 61.8% retracement at 0.8922 and above.

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).

In the long term picture, firstly, price action from 0.9799 is seen as a long term corrective pattern and should have completed at 0.6935. 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 consolidation from 0.9304 completes, we’d expect another medium term up trend to target 0.9799 high and above.

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Daily Pivots: (S1) 0.8502; (P) 0.8542; (R1) 0.8579; More…

Intraday bias in EUR/GBP remains neutral for the moment. On the downside, below 0.8449 will target 0.8303 and break will resume the whole fall from 0.9304. In that case, we’d look for bottoming again at around 0.8116. Meanwhile, sustained break of 38.2% retracement of 0.9304 to 0.8303 at 0.8685 will revive the case of near term reversal. In that case, stronger rise should be seen to 61.8% retracement at 0.8922 and above.

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 0.8230) 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) 0.8480; (P) 0.8509; (R1) 0.8538; More…

EUR/GBP recovered after dipping to 0.8449 and intraday bias is turned neutral again. Below 0.8449 will target 0.8303 and break will resume the whole fall from 0.9304. In that case, we’d look for bottoming again at around 0.8116. Meanwhile, sustained break of 38.2% retracement of 0.9304 to 0.8303 at 0.8685 will revive the case of near term reversal. In that case, stronger rise should be seen to 61.8% retracement at 0.8922 and above.

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 0.8230) 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) 0.8458; (P) 0.8493; (R1) 0.8537; More…

The break of 0.8488 minor support suggests that recovery from 0.8303 is completed at 0.8666, ahead of 38.2% retracement of 0.9304 to 0.8303 at 0.8685. Intraday bias is turned back to the downside for 0.8303 low. More importantly, the larger fall from 0.9304 could be resuming and break of 0.8303 might be seen. In that case, we’d look for bottoming 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 0.8230) 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) 0.8471; (P) 0.8568; (R1) 0.8620; More…

EUR/GBP failed to take out 38.2% retracement of 0.9304 to 0.8303 at 0.8685 and retreated. Intraday bias is turned neutral first. Break of 0.8488 minor support will argue that the recovery from 0.8303 is completed. And more importantly, bias will be turned back to the downside to extend the larger fall from 0.9304 through 0.8303 low. In that case, we’d look for bottoming 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 0.8230) 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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