EUR/GBP’s strong break of 0.8421 resistance last weeks argues that a medium term bottom was formed at 0.8282, on bullish convergence condition in daily MACD, ahead of 0.8276 key long term support. Initial bias remains on the upside this week for 0.8598 resistance next. Decisive break there will add to the case of trend reversal and target 38.2% retracement of 0.9499 to 0.8282 at 0.8747 next. On the downside, below 0.8398 minor support will turn intraday bias neutral first.

In the bigger picture, price actions from 0.9499 (2020 high) are still see a corrective pattern that should be contained by 0.8276 long term support (2019 low). Bullish convergence condition in daily MACD and break of 55 day EMA raises the chance that it might be completed. Sustained trading above 38.2% retracement of 0.9499 to 0.8282 at 0.8747 will affirm this bullish case and target 61.8% retracement at 0.9034 and above).

In the long term picture, outlook will stay bullish as long as 0.8276 support holds. Break of 0.9499 is in favor at a later stage, to resume the up trend from 0.6935 (2015 low). However, sustained break of 0.8276 will indicate long term trend reversal, and target 61.8% retracement of 0.6935 to 0.9499 at 0.7917, and possibly below.

EUR/GBP edged lower to 0.8620 last week but rebounded strongly since then. A short term bottom should be formed after hitting 61.8% projection of 0.9305 to 0.8745 from 0.8967 at 0.8621. Initial bias remains on the upside this week for 0.8796 resistance first. Break will target key cluster resistance at 0.8967 (50% retracement of 0.9305 to 0.8620 at 0.8963) next. On the downside, break of 0.8688 minor support will dampen the bullish case and turn focus back to 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.

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) 0.8472; (P) 0.8491; (R1) 0.8503; More…

Intraday bias in EUR/GBP is back on the downside with break of 0.8452 support. Fall from 0.8598 will target 0.8379 first. Firm break there will resume larger down trend fro m0.9499 to long term support at 0.8276. For now, deeper decline will remain in favor as long as 0.8549 resistance holds, in case of recovery.

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 0.8593 resistance holds, towards long term support at 0.8276. We’d look for bottoming signal around there to bring reversal. Meanwhile, firm break of 0.8593 will now be an early sign of medium term bottoming. Further break of 0.8656 will pave the way to 38.2% retracement of 0.9499 to 0.8379 at 0.8807.

EUR/GBP edged lower to 0.8498 last week but recovered since then. Initial bias remains neutral this week first. 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.

In the long term picture, outlook will stay bullish as long as 0.8276 support holds. Break of 0.9499 is in favor at a later stage, to resume the up trend from 0.6935 (2015 low).

Daily Pivots: (S1) 0.8594; (P) 0.8620; (R1) 0.8641; More…

Focus is now on 0.8638 resistance with current recovery. Firm break there will be the first sign of short term bullish reversal. Intraday bias will be turned back to the upside for 55 day EMA (now at 0.8717). Sustained break there will affirm the case that whole corrective pattern from 0.9499 has completed. Nevertheless, break of 0.8532 support will resume such pattern to 0.8276 key support.

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 outlook bearish.

EUR/GBP edged higher to 0.8643 last week but reversed after rejection by medium term trendline resistance. Initial bias stays on the downside this week for retesting 0.8491/7 support zone. On the upside, above 0.8582 minor resistance will 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.

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). Range trading should continue between 0.8201 and 0.9499, until there is clear signal of imminent breakout.

EUR/GBP dropped sharply last week still stayed above 0.8861 support. Initial bias remains neutral this week first. On the downside, decisive break of 0.8861 will indicate that whole choppy rise from 0.8670 has completed. The pattern from 0.9499 should have then started a third leg to 0.8670 support and below. Nevertheless, rebound from the current level will retain near term bullishness, for another rise through 0.9291 at a later stage.

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).

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) 0.8508; (P) 0.8529; (R1) 0.8566; More…

Range trading continues in EUR/GBP and intraday bias remains neutral. With 0.8365 support intact, further rise is in favor. On the upside, break of 0.8617 will resume rise from 0.8201 medium term bottom to 0.8697 medium term fibonacci level. However, break of 0.8365 will dampen this bullish view, and turn bias back to the downside instead.

In the bigger picture, a medium term bottom could 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.

EUR/GBP gyrated higher last week but stayed below 0.8866 resistance. Initial bias remains neutral this week first. Another fall will be expected as long as 0.8866 holds. Below 0.8760 minor support will turn bias to the downside for 0.8688 first. Break will resume whole decline from 0.9305. However, firm break of 0.8866 resistance will indicate near term reversal and turn bias back to the upside for 0.8981 resistance and above.

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.

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 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.

EUR/GBP’s rebound from 0.8670 extended to as high as 0.9000 last week. A temporary top was formed after hitting 38.2% retracement of 0.9499 to 0.8670 at 0.8987. Initial bias is neutral this week first. On the upside, firm break of 0.8987 will indicate completion of whole fall from 0.9499. Further rally should be seen to 61.8% retracement at 0.9182 and above. However, sustained break of 4 hour 55 EMA (now at 0.8900) will suggest completion of rebound from 0.8670. Intraday bias will be turned back to the downside for retesting 0.8670 low.

In the bigger picture, while the pull back from 0.9499 is 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.

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). Decisive break of 0.9799 will target 100% projection of 0.5680 to 0.9799 from 0.6935 at 1.1054.

Daily Pivots: (S1) 0.9101; (P) 0.9301; (R1) 0.9479; More…

A temporary top is formed at 0.9499 in EUR/GBP with current retreat. Intraday bias in turned neutral for some consolidations first. Further rise is expected with 0.9068 support holds. Break of 0.9499 will resume larger up trend for 0.9715 projection level. Nevertheless, break of 0.9068 will turn near term outlook neutral and bring more consolidations.

In the bigger picture, the strong break of 0.9324 (2016 high) confirms resumption of up trend from 0.6935 (2015 low). Next target is 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. Initial resistance could be seen around there as it’s close to 0.9799 (2008 high). But in any case, medium term outlook will stay bullish as long as 0.8276 support holds, even in case of deep pull back.

Daily Pivots: (S1) 0.8740; (P) 0.8758; (R1) 0.8790; More…

No change in EUR/GBP’s outlook despite diminishing upside momentum. With 0.8711 minor support intact, further rise is expected. Break of 38.2% retracement of 0.9101 to 0.8617 at 0.8802 will target 61.8% retracement at 0.8916. On the downside, break of 0.8711 will turn bias back to the downside for 0.8617/20 support instead.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). The medium term range is set between 0.8620 and 0.9101. Downside breakout of 0.8620 will pave the way back to 0.8312 support . Break of 0.9101 will bring retest of 0.9304/5 resistance.

Daily Pivots: (S1) 0.8535; (P) 0.8551; (R1) 0.8562; More…

No change in EUR/GBP’s outlook and intraday bias stays on the downside for 0.8529 support. Decisive break there will suggest that larger down trend is ready to resume through 0.8491/7 support one. On the upside, above 0.8567 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) 0.8520; (P) 0.8534; (R1) 0.8550; More…

While EUR/GBP is losing downside momentum as seen in 4H MACD, there is no clear sign of bottoming yet. Further decline is expected as long as 0.8611 resistance holds. Fall from 0.8977 should target 161.8% projection of 0.8977 to 0.8717 from 0.8874 at 0.8453. However, break of 0.8611 resistance will indicate short term bottoming, and turn bias back to the upside for stronger rebound.

In the bigger picture, the down trend from 0.9267 (2022 high) is still in progress. It’s seen as part of the long term range pattern from 0.9499 (2020 high). Deeper fall would be seen towards 0.8201 (2022 low). But strong support should be seen from there to bring reversal. This will now remain the favored case as long as 0.8717 support turned resistance holds.

Daily Pivots: (S1) 0.8428; (P) 0.8460; (R1) 0.8498; More…

EUR/GBP recovers today but stays in range of 0.8402/8590. Intraday bias remains neutral first. With 0.8590 resistance intact, we’re holding on to our bearish view. That is, fall from 0.8851 is the third leg of the whole corrective pattern from 0.9304. Below 0.8402 will turn bias to the downside for 0.8303 first. Break will confirm our bearish view and target 0.8116 key cluster support level. However, on the upside, break of 0.8590 resistance will dampen our view and turn bias back to the 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).

Daily Pivots: (S1) 0.8906; (P) 0.8941; (R1) 0.8988; More…

EUR/GBP is staying in range of 0.8857/9032 and intraday bias remains neutral first. As long as 61.8% retracement of 0.9305 to 0.8745 at 0.9091 holds, deeper fall is in favor. Below 0.8857 minor support will turn bias to the downside. Further break of 0.8745 will resume whole decline form 0.9305 and target 0.8303 key support level. Nonetheless, sustained break of 0.9091 will bring retest of 0.9305 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 0.8303. 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) 0.8824; (P) 0.8858; (R1) 0.8878; More…

Intraday bias in EUR/GBP remains on the downside. Fall from 0.9101 would target 61.8% retracement of 0.8655 to 0.9101 at 0.8825. Sustained break there will pave the way back to 0.8655 support. On the upside, break of 0.8986 is needed to indicate short term bottoming. Otherwise, risk will stay on the downside even in case of recovery.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). The medium term range is set between 0.8620 and 0.9101. Downside break out of 0.8620 will pave the way back to 0.8302/12 support zone. Break of 0.9101 will bring retest of 0.9304/5 resistance.

EUR/GBP stayed in range above 0.8420 last week and outlook is unchanged. Initial bias remains neutral this week first. On the downside, break of 0.8420 will resume the larger down trend from 0.9499 to 0.8276 key long term support next. On the upside, though, sustained break of 55 day EMA (now at 0.8523) will bring stronger rebound back to 0.8656 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 0.8656 resistance holds, towards long term support at 0.8276. However, firm break of 0.8656 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.

In the long term picture, outlook will stay bullish as long as 0.8276 support holds. Break of 0.9499 is in favor at a later stage, to resume the up trend from 0.6935 (2015 low).

Daily Pivots: (S1) 0.8773; (P) 0.8789; (R1) 0.8815; More…

Intraday bias in EUR/GBP remains neutral for the moment as consolidation from 0.8865 continues. Another fall could be seen but downside should be contained by 0.8639 support to bring rebound. Further rise is expected and decisive of 0.8851 resistance will pave the way to retest 0.9304 high. However, break of 0.8639 support will now indicate near term topping and bring deeper pull back 0.8529 resistance turned support and below.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. The leg from 0.9304 should have completed after testing 0.8332 structural support. But it’s too early to say that larger rise from 0.6935 is resuming. Rejection from 0.9304 will extend the consolidation with another falling leg. Meanwhile, firm break of 0.9304 will target 0.9799 (2008 high). In case of another decline, 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.

Daily Pivots: (S1) 0.8868; (P) 0.8887; (R1) 0.8897; More…

EUR/GBP breached 0.8875 to 0.8871 but quickly recovered. Intraday bias stays neutral for more consolidations. Outlook is unchanged that whole corrective rise from 0.8620 has completed at 0.9097 and deeper decline is expected. Upside of recovery should be limited well below 0.9051 resistance to bring fall resumption. On the downside, break of 0.8871 will target 61.8% retracement of 0.8620 to 0.9097 at 0.8802 and below.

In the bigger picture, EUR/GBP is staying in long term range pattern from 0.9304 (2016 high). At this point, there is no clear sign of range break out yet. And more corrective trading would continue. On the upside, in case of another rise, 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.