Daily Pivots: (S1) 0.8626; (P) 0.8650; (R1) 0.8673; More…

Intraday bias in EUR/GBP stays on the downside for 100% projection of 0.8977 to 0.8717 from 0.8874 at 0.8614. Decisive break there will extend the fall from 0.8977 through 0.8545 support to 161.8% projection at 0.8453. On the upside, however, break of 0.8717 will indicate short term bottoming, and turn bias back to the upside for stronger rebound.

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 through 0.8545 support. This will now remain the favored case as long as 0.8874 resistance holds.

EUR/GBP dropped sharply to 0.8294 last week but recovered since then. Initial bias is neutral this week first. 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.

In the long term picture, current development argues that fall from 0.9499 is probably the third leg of the pattern from 0.9799 (2008 high). Sustained break of 61.8% retracement of 0.6935 to 0.9499 at 0.7917 will pave the way back to 0.6935 (2015 low) and probably below.

Daily Pivots: (S1) 0.8602; (P) 0.8623; (R1) 0.8634; More…

Intraday bias in EUR/GBP is turned neutral with current retreat. Rejection by 55 D EMA retains near term bearishness. Break of 0.8517 will resume the decline from 0.8977. On the upside, above 0.8657 resistance will resume the rebound from 0.8517.

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 could 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) 0.8828; (P) 0.8855; (R1) 0.8881; More…

Intraday bias in EUR/GBP remains neutral first. Sustained break of 0.8876 will confirm resumption of rise from 0.8545. Next target is 61.8% retracement of 0.9276 to 0.8545 at 0.8997. Meanwhile , outlook will stay bullish as long as 55 day EMA (now at 0.8732) holds, in case of another retreat.

In the bigger picture, outlook is mixed for now as rise from 0.8545 would either be part of the up trend from 0.8201 (2022 low), or just a correction to 0.9267 (2022 high). As long as 55 week EMA (now at 0.8616) holds, the former case is in favor, and break of 0.9267 should be seen next as up trend resumes at a later stage. However, sustained break of 55 week EMA will shift favor to the latter case, for another decline back towards 0.8201.

Daily Pivots: (S1) 0.8502; (P) 0.8524; (R1) 0.8538; More….

EUR/GBP’s fall from 0.8624 resumed by breaking through 0.8507 temporary low as well as 55 D EMA (now at 0.8498. Intraday bias is back on the downs for 61.8% retracement of 0.8382 to 0.8624 at 0.8474. Firm break there will argue that recent down trend is ready to resume through 0.8382 low. For now, risk will stay on the downside as long as 0.8543 minor resistance holds, in case of recovery.

In the bigger picture, while the rebound from 0.8382 is strong, there is no confirmation of trend reversal yet. As long as 0.8643 resistance holds, down trend from 0.9267 could still resume through 0.8382 at a later stage. However, firm break of 0.8643 will indicate that such down trend has completed, and turn outlook bullish for 0.8764 resistance next.

EUR/GBP’s corrective fall extended to as low as 0.8604 last week and took out 38.2% retracement of 0.8402 to 0.8786 at 0.8639. The decline was deeper than expected but the cross quickly recovered after drawing support from 55 day EMA. The development mixed up the near term outlook a bit. But overall, there is no change in the view that price actions from 0.8303 are forming a corrective pattern, as the second leg of the correction from 0.9304. The question is what exact pattern it’s turning out to be. Decline from 0.9304 is expected to resume later.

Initial bias in EUR/GBP stays neutral this week first. With 0.8699 minor resistance intact, deeper decline is mildly in favor. Below 0.8604 will target 61.8% of 0.8402 to 0.8786 at 0.8549 and possibly below. In that case, we’ll look for support above to 0.8402 to bring another rebound before completing that correction from 0.8303. ON the upside, above 0.8699 will turn bias back to the upside for 0.8786. Break will target 61.8% retracement of 0.9304 to 0.8303 at 0.8922 to finish the pattern from 0.8303.

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).

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.

Daily Pivots: (S1) 0.8634; (P) 0.8650; (R1) 0.8672; More…

Intraday bias in EUR/GBP stays neutral for some consolidations first. While stronger rebound might be seen, recovery should be limited well below 0.8796 resistance to bring another decline. Break of 61.8% projection of 0.9305 to 0.8745 from 0.8967 at 0.8621 will pave the way to 100% projection at 0.8407.

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) 0.9100; (P) 0.9124; (R1) 0.9148; More…

Intraday bias stays neutral and EUR/GBP could extend the consolidation form 0.9175. On the upside, firm break of 0.9175 resistance will resume whole rise from 0.8670. Nevertheless, break of 0.8930 will bring deeper fall to 0.8864 support and possibly below.

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) 0.8829; (P) 0.8867; (R1) 0.8902; More…

Intraday bias in EUR/GBP is turned after as it lost momentum after hitting 0.8904. Intraday bias is turned neutral first. On the upside, above 0.8904 will extend the rebound from 0.8786 short term bottom to 55 day EMA (now at 0.8958). On the downside, however, firm break of 61.8% retracement of 0.8472 to 0.9324 at 0.8797 will target 0.8472 low.

In the bigger picture, the failure to sustain above 0.9305 (2017 high) suggests that consolidation from there is extending. Breach of 0.8472 cannot be ruled out but downside should be contained by 38.2% retracement of 0.6935 (2015 low) to 0.9305 at 0.8400. On the upside, firm break of 0.9327 will confirm up trend resumption.

Daily Pivots: (S1) 0.8550; (P) 0.8568; (R1) 0.8580; More…

Intraday bias in EUR/GBP remains neutral, and further decline is expected as long as 0.8619 resistance holds. On the downside, decisive break of 0.8548 will indicate that larger down trend is ready to resume through 0.8491 low. However, break of 0.8619 will dampen this bearish view and turn bias back to the upside for stronger rebound.

In the bigger picture, fall from 0.8764 is seen as another leg in the whole down trend from 0.9267 (2022 high). Outlook will stay bearish as long as 0.8713 resistance holds. Break of 0.8491 will target 61.8% projection of 0.8977 to 0.8491 from 0.8764 at 0.8464.

Daily Pivots: (S1) 0.8761; (P) 0.8774; (R1) 0.8796; More…

Intraday bias in EUR/GBP remains neural and further decline is expected with 0.8838 resistance intact. Break of 0.8737 temporary low will target 0.8670 support first. It’s now in the third leg of the corrective pattern from 0.9499. Break of 0.8670 support would target 161.8% projection of 0.9291 to 0.8861 from 0.9229 at 0.8533. On the upside, though, break of 0.8838 will indicate short term bottoming and turn bias to the upside for stronger rebound.

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).

Daily Pivots: (S1) 0.8631; (P) 0.8674; (R1) 0.8699; More…

Focus remains on 0.8786 resistance in EUR/GBP. At this point, we’re still viewing price actions from 0.8276 as a corrective pattern. Hence, in case of another rise, we’d expect strong resistance from 0.8786 resistance to limit upside. Break of 0.8594 support will turn bias back to the downside for retesting 0.8276 low. However, sustained break of 0.8786 will indicate near term bullishness for 61.8% retracement of 0.9324 to 0.8276 at 0.8924 next.

In the bigger picture, there are various interpretations on the price actions from 0.9324. It could be the third leg of the pattern from 0.9799 (2008 high). Or it could just be correcting the rise from 0.6935 (2015 low) to 0.9324. But in any case, as long as 0.8786 support turned resistance holds, further decline is expected to 61.8% retracement of 0.6935 to 0.9324 at 0.7848 next. Firm break of 0.8786, however, will bring retest of 0.9324 high.

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

EUR/GBP’s rebound from 0.8491 resumed by breaking 0.8629 and intraday bias is back on the upside. 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 0.8597 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.

Daily Pivots: (S1) 0.8774; (P) 0.8822; (R1) 0.8847; More…

Intraday bias in EUR/GBP stays neutral for the moment. Further rally is expected as long as 55 day EMA (now at 0.8724) holds. Break of 0.8876 will resume the rise from 0.8545 to 61.8% retracement of 0.9276 to 0.8545 at 0.8997 and possibly above. However, sustained trading below 55 day EMA will bring retest of 0.8545 low instead.

In the bigger picture, outlook is mixed for now as rise from 0.8545 would either be part of the up trend from 0.8201 (2022 low), or just a correction to 0.9267 (2022 high). As long as 55 week EMA (now at 0.8616) holds, the former case is in favor, and break of 0.9267 should be seen next as up trend resumes at a later stage. However, sustained break of 55 week EMA will shift favor to the latter case, for another decline back towards 0.8201.

Daily Pivots: (S1) 0.8603; (P) 0.8631; (R1) 0.8647; More…

Intraday bias in EUR/GBP remains neutral as consolidation from 0.8575 is extending. Another recovery could be seen but upside should be limited by 0.8811 minor resistance to bring decline resumption. On the downside, break of 0.8575 will target 100% projection of 0.9324 to 0.8786 from 0.9019 at 0.8481, which is close to 0.8472 key support.

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) 1.3732; (P) 1.3774; (R1) 1.3836; More…

Intraday bias in EUR/AUD remains neutral for the moment. At this point, we’d still expect strong support from 1.3671 to contain downside to complete the correction from 1.6587. This is supported by bullish convergence condition in 4 hour MACD. Break of 1.3900 resistance will confirm short term bottoming and turn bias back to the upside for 1.4289 resistance. However, sustained break of 1.3671 will invalidate our view.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. We’d expect strong support from 1.3671 key level to contain downside and bring rebound. Up trend from 1.1602 should not be finished and will resume later. Break of 1.4721 resistance will indicate completion of such correction and turn outlook bullish for retesting 1.6587 high. However, sustained break of 1.3671 will invalidate our bullish view and would turn focus back to 1.1602 long term bottom.

Daily Pivots: (S1) 0.9055; (P) 0.9095; (R1) 0.9132; More…

Intraday bias in EUR/GBP remains mildly on the upside at this point. Pull back from 0.9175 should have completed at 0.8930 and rise from 0.8670 is probably ready to resume. Break of 0.9175 will confirm this bullish case and target 61.8% projection of 0.8670 to 0.9175 from 0.8930 at 0.9242. On the downside, below 0.9034 minor support will dampen this bullish case and turn intraday bias back to the downside.

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) 0.8553; (P) 0.8569; (R1) 0.8598; More…

Intraday bias in EUR/GBP remains neutral as range trading continues. 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.

Daily Pivots: (S1) 0.8696; (P) 0.8711; (R1) 0.8729; More….

Intraday bias in EUR/GBP remains neutral for the moment. Also, another rally is in favor with 0.8687 support holds. On the upside, break of 0.8764 will resume whole rebound from 0.8491. However, decisive break of 0.8687 will confirm short term topping, and turn bias back to the downside for 0.8648 support and below.

In the bigger picture, down trend from 0.9267 (2022 high) should have completed completed with three down to to 0.8491. Rise from 0.8491 is seen as another leg inside that pattern from 0.9499 (2020 high). Further rally should be seen to 0.8977 resistance and above. This will remain the favored case as long as 0.8648 support holds.

Daily Pivots: (S1) 0.9003; (P) 0.9023; (R1) 0.9045; More…

Intraday bias in EUR/GBP remains neutral as consolidation form 0.9175 is still extending. . 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.