Daily Pivots: (S1) 0.8719; (P) 0.8767; (R1) 0.8794; More…

EUR/GBP continues to gyrate in range of 0.8686/8928 and intraday bias remains neutral. Outlook stays bearish with 0.8928 resistance intact. That is, fall from 0.9305 is expected to resume later. Break of 0.8686 will also have 61.8% retracement of 0.8312 to 0.9305 should then be taken out too. In that case, deeper decline would be seen to retest 0.8303/8312 support zone.

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.

EUR/GBP stayed in range trading below 0.9054 last week and outlook is unchanged. Initial bias remains neutral this week and further rise is in favor as long as 0.8866 minor support holds. On the upside, above 0.9054 will extend the rebound form 0.8670 to 61.8% retracement of 0.9499 to 0.8670 at 0.9182. However, firm break of 0.8866 will complete a head and should top pattern. That will indicate completion of the rise from 0.8670. Intraday bias will be turned back to the downside for retesting 0.8670 support.

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) 0.8532; (P) 0.8542; (R1) 0.8549; More…

EUR/GBP accelerates lower today and the break of 0.8529 support argues that larger down trend is ready to resume. Intraday bias stays on the downside for 0.8491/7 support one. Firm break there will confirm this case and target 0.8376 projection level next. On the upside though, above 0.8550 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) 0.8529; (P) 0.8576; (R1) 0.8608; More…

Intraday bias in EUR/GBP remains neutral for the moment. On the upside, sustained break of 0.8668 will be a strong sign of larger bullish reversal. Next target will be 161.8% projection of 0.8448 to 0.8612 from 0.8499 at 0.8764. On the downside, though, break of 0.8499 will bring retest of 0.8448 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 0.8668 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.

Daily Pivots: (S1) 0.8956; (P) 0.8977; (R1) 0.8997; More…

Intraday bias in EUR/GBP remains neutral for the moment. 0.8954 minor support intact, further rise cannot be ruled out. But upside momentum is clearly diminishing as seen in 4 hour and daily MACD. Upside should be limited by 0.9101 key resistance to bring reversal. On the downside, break of 0.8954 support should confirm short term topping. In this case, deeper pull back could be seen to 55 day EMA (now at 0.8882) first.

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 0.8801) would possibly extend the correction another another fall to below 0.8472 before completion.

Daily Pivots: (S1) 0.8765; (P) 0.8784; (R1) 0.8805; More…

Range trading continues in EUR/GBP and intraday bias remains neutral at this point. On the upside, firm break of 0.8896 will resume the rise from 0.8545 and target 61.8% projection of 0.8545 to 0.8896 from 0.8720 at 0.8937. On the downside, break of 0.8720 will resume the fall from 0.8896 instead.

In the bigger picture, the notable support from 55 day EMA (now at 0.8752) 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.

EUR/GBP rose to as high as 0.8950 last week and the break of 0.8928 resistance suggests near term trend reversal. That is, fall from 0.9305 has completed at 0.8686 after hitting 61.8% retracement of 0.8312 to 0.9305. Initial bias stays on the upside this week for 61.8% retracement of 0.9305 to 0.8686 at 0.9069. Firm break there will target retest of 0.9305 high. On the downside, below 0.8877 minor support will turn intraday bias neutral again.

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 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) 0.8436; (P) 0.8456; (R1) 0.8489; More…

Intraday bias in EUR/GBP stays neutral first. Firm break of 0.8467 resistance will indicate short term bottoming. Intraday bias will be turned to the upside for rebound to 55 day EMA (now at 0.8510) and possibly above. On the downside, break of 0.8401 will resume larger down trend from 0.9499 towards 0.8276 key long term support next.

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.

EUR/GBP edged higher to 0.9097 last week but reversed and dropped sharply since then. For now, the cross is still held in near term rising channel and thus there is no indication of reversal yet. On the upside, above 0.8992 minor resistance will turn bias back to the upside for retesting 0.9097 first. However, sustained break of channel support, followed by break of 0.8895, will argue that whole rise from 0.8620 has completed. And consider that it’s not clearly impulsive in structure, break of 0.8895 will also suggest reversal 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.

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) 0.8523; (P) 0.8592; (R1) 0.8628; More…

Intraday bias in EUR/GBP remains on the downside for 0.8402 support. Break of 0.8402 will extend the correction from 0.9304 with the third leg. In that case, we’d expect strong support from 0.8116 cluster support to contain downside and bring rebound. On the upside, though, above 0.8604 minor resistance will turn bias neutral first.

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) 0.8878; (P) 0.8906; (R1) 0.8920; More…

Intraday bias in EUR/GBP remains neutral for consolidation above 0.8875 temporary low. 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 0.8875 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.

EUR/GBP’s rebounded strongly last week after initial fall to 0.8529. Initial bias remains neutral this week with focus on 0.8582 resistance. Further decline is expected as long as 0.8582 resistance holds. Below 0.8529 will target 0.8491/7 support zone. However, decisive break of 0.8582 will bring stronger rise back to 0.8643 resistance instead.

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’s rebound from 0.8303 resumed last week and reached as high as 0.8766. The development suggests that fall from 0.9304 is completed at 0.8303. Rise from there is seen as the second leg of the consolidation pattern. Initial bias stays on the upside for 61.8% retracement of 0.9304 to 0.8303 at 0.8922 and above. On the downside, below 0.8646 minor support will turn bias neutral first. Break of 0.8449 support will start the third leg of the corrective pattern to 0.8303 and below.

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 0.8260) 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) 0.8272; (P) 0.8392; (R1) 0.8473; More…

EUR/GBP drops to as low as 0.8312 so far and intraday bias remains on the downside for 0.8303 low. Current fall is seen as the third leg of the corrective pattern from 0.9034. Break of 0.8303 will target 0.8116.20 key cluster support. We’d expect strong support there to completion the correction and bring rebound. But for now, break of 0.8511 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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. 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.

Daily Pivots: (S1) 0.8415; (P) 0.8435; (R1) 0.8446; More…

Intraday bias in EUR/GBP is turned neutral with a temporary low formed at 0.8414. but further decline is expected as long as 0.8549 resistance holds. Below 0.8414 will resume the fall from 0.8598 to retest 0.8379 low. Firm break there will resume larger down trend from 0.9499 towards long term support at 0.8276.

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.

Daily Pivots: (S1) 0.8722; (P) 0.8739; (R1) 0.8756; More…

Intraday bias in EUR/GBP remains neutral with mixed near term outlook. On the downside, break of 0.8679 support should confirm completion of the rebound form 0.8620. And intraday bias will be turned back to the downside for this support. Whole decline from 0.9305 will likely be resuming too. On the upside, above 0.8844 will resume the rebound from 0.8620 and target 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963).

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) 0.8367; (P) 0.8400; (R1) 0.8419; More…

Break of 0.8380 minor support argue that rebound from 0.8248 has completed at 0.8456 already. Intraday bias is back on the downside for 0.8248 support. On the upside, above 0.8465 will turn focus back to 0.8511 resistance intact. Further break of 0.8511 will reaffirm that 0.8201 is a medium term bottom, and target 0.8697 medium term fibonacci level next.

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.

Daily Pivots: (S1) 0.8338; (P) 0.8359; (R1) 0.8375; More…

Intraday bias in EUR/GBP stays neutral at this point. On the downside, break of 0.8294 will argue that rebound from 0.8201 has completed at 0.8511, and revive near term bearishness. Intraday bias will be back on the downside for retesting 0.8201 low. On the upside, however, break of 0.8511 will reaffirm that 0.8201 is a medium term bottom, and target 0.8697 medium term fibonacci level next.

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) 0.8637; (P) 0.8651; (R1) 0.8678; More…

Intraday bias in EUR/GBP remains neutral as sideway trading is extending. On the downside, below 0.8543 will target a test on 0.8502 low. Decisive break there will resume larger decline from 0.8977. On the upside firm break of 0.8717 resistance will suggest larger reversal and target 0.8874 resistance next.

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). Firm break of 0.8717 support turned resistance will argue that it has completed with three waves down to 0.8502. Further break of 0.8977 will bring retest of 0.9267 high. Nevertheless, rejection by 0.8717, followed by break of 0.8502 will resume the decline towards 0.8201 (2022 low).

Daily Pivots: (S1) 0.8772; (P) 0.8808; (R1) 0.8830; More…

Range trading continues in EUR/GBP inside 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.