Daily Pivots: (S1) 0.8736; (P) 0.8773; (R1) 0.8792; More…

3The break of 0.8760 support suggests that rebound from 0.8620 is likely finished at 0.8844. The three wave corrective structure in turns argue that larger decline from 0.9305 is not completed yet. Intraday bias is turned back tot he downside for 0.8679 support first. Break will affirm this bearish case and target 0.8620 and below. On the upside, break of 0.8844 is now needed to revive the bullish case of reversal. Otherwise, outlook is now bearish even in case of recovery.

In the bigger picture, for now, the decline from 0.9305 is seen as a leg inside the long term consolidation pattern from 0.9304 (2016 high). Such consolidation pattern could extend further. Hence, in case of strong rally, we’d be cautious on strong resistance by 0.9304/5 to limit upside. Meanwhile, in another decline attempt, 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) 0.9070; (P) 0.9112; (R1) 0.9139; More…

EUR/GBP is still engaging in consolidative trading and intraday bias remains neutral first. Overall, choppy rise from 0.8670 is in favor to continue as long as 0.8861 support holds. On the upside, decisive break of 0.9291 will target 0.9499 high.

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) 0.8433; (P) 0.8462; (R1) 0.8490; More…

EUR/GBP is staying in consolidation pattern from 0.8276. Rise from 0.8386 might extend to 0.8595 resistance. Break there will target 38.2% retracement of 0.9324 to 0.8276 at 0.8676. On the downside, break of 0.8386 will bring retest of 0.8276 low instead.

In the bigger picture, decline from 0.9324 medium term top is still in progress. As long as 0.8786 support turned resistance holds, further fall is expected to 61.8% retracement of 0.6935 to 0.9324 at 0.7848. Nevertheless, break of 0.8786 will argue that fall from 0.9324 has completed and turn focus back to this high.

While upside momentum was unconvincing, EUR/GBP extended the rebound from 0.8620 last week and hit as high as 0.8844. Initial bias remains on the upside this week for 0.8967 cluster resistance next (50% retracement of 0.9305 to 0.8620 at 0.8963). Firm break there will confirm neat term reversal. On the downside, below 0.8781 minor support will turn focus back to 0.8679 support. Break there will suggests that larger decline from 0.9305 is resuming.

In the bigger picture, for now, the decline from 0.9305 is seen as a leg inside the long term consolidation pattern from 0.9304 (2016 high). Such consolidation pattern could extend further. Hence, in case of strong rally, we’d be cautious on strong resistance by 0.9304/5 to limit upside. Meanwhile, in another decline attempt, 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, we’re holding on to the view that rise from 0.6935 (2015 low) is resuming the up trend from 0.5680 (2000 low). Hence, after the consolidation 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) 0.8688; (P) 0.8732; (R1) 0.8773; More…

Intraday bias in EUR/GBP is turned neutral with current recovery, but deeper decline is in favor with 0.8848 minor resistance intact. Rise from 0.8201 could have completed at 0.9267 in three-wave corrective pattern. Sustained break of 55 day EMA (now at 0.86426) will target 0.8201/8338 support zone. On the upside, above 0.8848 minor resistance will turn bias back to the upside for recovery instead.

In the bigger picture, as long as 0.8720 resistance turned support holds, rise from 0.8201 is seen as resuming larger up trend from 0.6935 (2015 low). Break of 0.9499 (2020 high) should be seen at a later stage. However, firm break of 0.8720 will argue that sideway pattern from 0.9499 is extending with another falling leg instead.

Daily Pivots: (S1) 0.8742; (P) 0.8791; (R1) 0.8851; More…

Despite steep fall from 0.8909, EUR/GBP is still bounded in range of 0.8686/8928. Intraday bias remains neutral for the moment. And, near term outlook will remain mildly bearish as long as 0.8928 resistance holds. 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) 0.8369; (P) 0.8397; (R1) 0.8419; More…

EUR/GBP’s fall from 0.8720 resumed by breaking through 0.8401 support. The development also affirms the case of rejection by 0.8697 fibonacci level. Intraday bias stays on the downside for deeper fall to 0.8720 low. On the upside, above 0.8424 minor resistance will turn intraday bias neutral first. But risk will now stay on the downside as long as 0.8585 resistance holds.

In the bigger picture, attention remains on 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will affirm the case that rise from 0.8201 is a medium term up trend itself. Further rally would then be seen to 61.8% retracement at 0.9003. However, rejection by 0.8697 will confirm medium term bearishness for another fall through 0.8201.

EUR/GBP rise from 0.8472 extended higher last week with diminishing upside momentum. But there is no clear sign of topping yet. Further rise is expected this week as long as 0.8829 support holds, for 0.9101 key resistance. Considering bearish divergence condition in 4 hour MACD, we’d be cautious on strong resistance from there to limit upside to bring pullback. On the downside, though, break of 0.8829 support will indicate short term topping and bring lengthier consolidation before staging another rise.

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.

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) 0.8982; (P) 0.9009; (R1) 0.9051; More…

Outlook in EUR/GBP remains bullish as it’s staying in near term rising channel. Intraday bias also remains on the upside for retesting 0.9097 resistance first. Break there will resume larger rally from 0.8620 towards 0.9305 high. On the downside, however, break of 0.8937 support should have near term channel support firmly taken out. And that will indicate completion of rise from 0.8620 and turn outlook bearish.

In the bigger picture, EUR/GBP is staying in long term range pattern from 0.9304 (2016 high). The corrective structure of the fall from 0.9305 to 0.8620 is raising the chance that rise from 0.8312 to 0.9305 is an impulsive move. But we’re not too confident on it yet. In any case, we’d stay cautious on strong resistance from 0.9304/5 to limit upside in case of further rally. Meanwhile, if there is another medium term decline, strong support will likely be seen from 0.8303 to contain downside.

Daily Pivots: (S1) 0.8505; (P) 0.8531; (R1) 0.8571; More…

EUR/GBP recovered after forming a temporary low at 0.8430, ahead of 0.8402 support. Intraday bias is turned neutral first. There is no change in the view that price actions from 0.8303 are a consolidation pattern. And, it’s the second leg of the correction from 0.9304. Below 0.8430 will target 0.8402. Break of 0.8402 will resume the fall from 0.9304 to 0.8116/20 cluster support, where the correction should end. Above 0.8604 minor resistance will bring another recovery before fall from 0.9304 resumes.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. Such decline is likely ready to resume and should make a new low below 0.8303. At this point, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside. Break of 0.9304 will pave the way 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.

Daily Pivots: (S1) 0.8804; (P) 0.8815; (R1) 0.8827; More…

Intraday bias in EUR/GBP remains neutral and outlook is unchanged. On the upside, firm break of 0.8864 will extend the rebound from 0.8717 to 0.8924 resistance. Further break there should confirm completion of the choppy decline from 0.8977, and should resume larger rise from 0.8545 through 0.8977 high. However, decisive break of 0.8717 support will resume the decline from 0.8977 instead.

In the bigger picture, outlook remains 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.

Daily Pivots: (S1) 0.8669; (P) 0.8709; (R1) 0.8739; More…

EUR/GBP’s strong rebound today now put focus back to 0.8790 resistance. Break will resume the rebound from 0.8620, and revive the case of near term reversal. In that case, further rise should be seen to 0.8967 (50% retracement of 0.9305 to 0.8620 at 0.8963) next. On the downside, below 0.8679 will turn bias to the downside for 0.8620 instead.

In the bigger picture, for now, the decline from 0.9305 is seen as a leg inside the long term consolidation pattern from 0.9304 (2016 high). Such consolidation pattern could extend further. Hence, in case of strong rally, we’d be cautious on strong resistance by 0.9304/5 to limit upside. Meanwhile, in another decline attempt, 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) 0.8908; (P) 0.8934; (R1) 0.8975; More…

EUR/GBP recovered after hitting 0.8891 and intraday bias is turned neutral first. Consolidation from 0.9051 could extend further, with another fall. But downside should be contained by 38.2% retracement of 0.8489 to 0.9051 at 0.8836 to bring rebound. Though, break of 0.9051 is needed to confirm rise resumption. Otherwise, such consolidation will likely extend further.

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 0.8545). Decisive break of 0.9101 resistance will confirm this bullish case. However, firm break of 55 week EMA (now at 0.8805) would possibly extend the correction another another fall to below 0.8472 before completion.

Daily Pivots: (S1) 0.8607; (P) 0.8626; (R1) 0.8645; More…

Intraday bias in EUR/GBP remains on the upside and outlook is unchanged. Fall from 0.8764 has probably completed already. Further rally would be seen to medium term trend line resistance (now at 0.8649). Decisive break there will solidify this bullish case and target 0.8764 resistance next. On the downside, below 0.8596 minor resistance will turn intraday bias neutral again first.

In the bigger picture, outlook is mixed up by current strong rebound. On the upside, sustained break of the trend medium term trend resistance will argue that the down trend from 0.9267 (2022 high) has completed as a triangle pattern. Further rise should then be seen through 0.8764 resistance next. However, rejection by the trend line will retain medium term bearishness for another fall through 0.8491 at a later stage.

EUR/GBP stays in established range last week and outlook is unchanged. Initial bias remains neutral this week first. On the downside, firm break of 0.8529 support will argue that the corrective recovery from 0.8497 has completed at 0.8601. Intraday bias will be back on the downside for retesting 0.8497 low next. On the upside, break of 0.8601 will resume the rebound instead.

In the bigger picture, there is no clear sign that down trend from 0.9267 has completed, despite loss of downside momentum as seen in D MACD. As long as 0.8601 resistance holds, the down trend will remain in favor to resume through 0.8491 low at la later stage.

In the long term picture, price action from 0.9499 (2020 high) is seen as part of the long term range pattern from 0.9799 (2008 high). Fall from 0.9267 is the third leg of the pattern from 0.9499. Break of 0.8201 (2022 low) will target 100% projection of 0.9499 to 0.8201 from 0.9267 at 0.7969.

Daily Pivots: (S1) 0.8873; (P) 0.8896; (R1) 0.8931; More…

EUR/GBP recovers after breaching 0.8866 key support and intraday bias is turned neutral first. On the downside, decisive break of 0.8866 will confirm completion of whole corrective rise from 0.8670. In this case, further fall should be seen to this support to extend the pattern from 0.9499. On the upside, though, break of 0.9068 resistance will turn bias back to the upside for 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) 0.8720; (P) 0.8783; (R1) 0.8851; More…

EUR/GBP’s break of 0.8786 support turned resistance now raises the chance that whole fall from 0.9324 has completed. Near term trend could have reversed. Intraday bias is now on the upside for 61.8% retracement of 0.9324 to 0.8276 at 0.8924. Sustained break there will pave the way to retest 0.9324 high. On the downside, break of 0.8621 support will dampen this bullish case and bring retest of 0.8276 low instead.

In the bigger picture, current development argues that fall from might merely be a correction to rise from 0.6935 (2015 low) to 0.9324. While more range trading could still be seen below 0.9324, an upside breakout is in favor. break of 0.9324 will target a test on 0.9799 (2008 high).

Daily Pivots: (S1) 0.8646; (P) 0.8664; (R1) 0.8684; More…

No change in EUR/GBP’s outlook as consolidation form 0.8474 is in progress. Intraday bias remains neutral first. In case of stronger recovery, upside should be limited by 0.8722 resistance to bring down trend resumption. On the downside, firm break of 0.8474 will resume larger down trend for 0.8416 long term projection next. On the upside, though, sustained break of 0.8722 will suggest near term reversal and bring stronger rise back to 0.8840 resistance and above.

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.

Daily Pivots: (S1) 0.8412; (P) 0.8460; (R1) 0.8500; More…

EUR/GBP’s decline resumed after brief consolidation and accelerates to as low as 0.8276 so far. Intraday bias is back on the downside. Current fall from 0.9324 will target 161.8% projection of 0.9324 to 0.8786 from 0.9019 at 0.8149 next. On the upside, break of 0.8508 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

In the bigger picture, correction from 0.9324 medium term top is still in progress. 38.2% retracement of 0.6935 to 0.9324 at 0.8411 is 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.