Daily Pivots: (S1) 0.8736; (P) 0.8766; (R1) 0.8789; More…

EUR/GBP rebounded to 0.8796 but failed to sustain above 38.2% retracement of 0.8967 to 0.8666 at 0.8781 and retreated. Intraday bias is turned neutral first. As EUR/GBP was supported by 0.8686 key support level, we’d slightly favoring the case for further rebound. On the upside, above 0.8796 will target 61.8% retracement at 0.8852 and above. Nonetheless, on the downside, firm break of 0.8666 will resume the decline from 0.9305 and pave the way to 0.8303 key support zone next.

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) 0.8629; (P) 0.8645; (R1) 0.8669; More…

EUR/GBP attempted to break 61.8% projection of 0.9305 to 0.8745 from 0.8967 at 0.8621 but quickly recovered. Intraday bias remains neutral for more consolidative trading. In case of stronger recovery, we’d expect upside to be limited by 0.8739 resistance to bring fall resumption. Firm break of 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) 0.8862; (P) 0.8934; (R1) 0.8982; More…

Intraday bias in EUR/GBP remains neutral for the moment. Further rise will be mildly 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.

Daily Pivots: (S1) 0.8894; (P) 0.8922; (R1) 0.8950; More…

EUR/GBP retreats mildly today but at this point intraday bias stays on the upside for further rally. Prior break of 0.8928 resistance indicates near term trend reversal. Decline from .9305 has completed at 0.8686 after hitting 61.8% retracement of 0.8312 to 0.9305. Further rebounds should be seen back to 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.

Daily Pivots: (S1) 0.8972; (P) 0.8997; (R1) 0.9018; More…

Intraday bias in EUR/GBP remains neutral at this point. The cross is staying inside near term rising channel. Thus, outlook remains bullish for another rise. On the upside, above 0.9051 will target 0.9097 first. Break will resume the rally from 0.8620. 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) 0.8936; (P) 0.8954; (R1) 0.8977; More…

Intraday bias in EUR/GBP remains neutral for consolidation below 0.9000 temporary top. On the upside, firm break of 38.2% retracement of 0.9499 to 0.8670 at 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 0.8906) 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.

Daily Pivots: (S1) 0.8751; (P) 0.8793; (R1) 0.8858; More…

While EUR/GBP rebounded strongly, it’s limited below 0.8844 resistance. Intraday bias remains neutral first. On the upside, break of 0.8844 will revive the case of bullish trend reversal. Intraday bias will be turned back to the upside for 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963) to confirm. On the downside, however, below 0.8727 will target a test on 0.8620 low 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.

EUR/GBP edged higher to 0.8657 last week but reversed again. Initial bias remains neutral this week first. The rejection by 55 D EMA (now at 0.8655) maintains near term bearishness. Break of 0.8517 will resume the whole decline from 0.8977. On the upside, above 0.8657 resistance will resume the rebound from 0.8517 towards 0.8717 support turned resistance.

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.

In the long term picture, long term range pattern is extending. But rise from 0.6935 (2015 low) is expected to extend at a later stage, to 0.9799 (2009 high).

Daily Pivots: (S1) 0.8382; (P) 0.8424; (R1) 0.8460; More…

A temporary top is formed at 0.8465 and intraday bias is turned neutral first. On the upside, above 0.8465 will target 0.8511 resistance first. 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) 0.8746; (P) 0.8763; (R1) 0.8776; More…

ERU/GBP continues to stay in right range below 0.8796 and intraday bias remains neutral. As noted before, the cross was supported by 0.8686 key support level, we’d slightly favoring the case for further rebound. On the upside, above 0.8796 will target 61.8% retracement of 0.8967 to 0.8666 at 0.8852 and above. Nonetheless, on the downside, firm break of 0.8666 will resume the decline from 0.9305 and pave the way to 0.8303 key support zone next.

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) 0.8967; (P) 0.9010; (R1) 0.9036; More…

EUR/GBP’s corrective pattern form 0.9291 is extending and deeper fall could be seen. But strong support should be seen above 0.8866 support to bring rebound. On the upside, break of 0.9148 resistance will suggest completion of the correction. Intraday bias will be turned back to the upside for retesting 0.9291 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) 0.8807; (P) 0.8842; (R1) 0.8877; More…

Intraday bias in EUR/GBP remains mildly on the upside at this point. A short term bottom was formed at 0.8670. Further rise could be seen to 38.2% retracement of 0.9499 to 0.8670 at 0.8987. Break of 0.8987 should target 61.8% retracement at 0.9182 and above. On the downside, though, break of 0.8807 minor support will turn bias neutral again first.

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.

Daily Pivots: (S1) 0.8911; (P) 0.8924; (R1) 0.8939; More…

EUR/GBP is staying in consolidation below 0.8957 temporary top and intraday bias remains neutral. As long as 0.8815 support holds, further rally is expected in the cross. Sustained break of 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963) should confirm completion of whole decline from 0.9305. EUR/GBP should then target 61.8% retracement at 0.9043 next.

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.

EUR/GBP’s rebound from 0.8670 extended further to 0.9054 last week. Initial bias stays on the upside this week for 61.8% retracement of 0.9499 to 0.8670 at 0.9182 first. Sustained break there will pave the way to retest 0.9499 high. On the downside, though, break of 0.8880 support will turn bias back to the downside for 0.8670 low instead.

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) 0.9043; (P) 0.9087; (R1) 0.9109; More…

Intraday bias in EUR/GBP remains neutral and further fall is in favor with 0.9220 resistance intact. On the downside, break of 0.9024 will resume the decline from 0.9291 to 0.8866 support. Decisive break there should confirm completion of the whole choppy rebound from 0.8670. Though, break of 0.9220 will likely resume such rebound through 0.9291.

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) 0.8679; (P) 0.8710; (R1) 0.8757; More…

Intraday bias in EUR/GBP is turned neutral with a temporary low for at 0.8666. 0.8686 key support level was breached briefly, without sustained trading below. Hence, there is no confirmation of resumption of fall from 0.9305. On the upside, break of 0.8757 minor resistance will turn bias back to the upside to extend recent sideway pattern with another rise, towards 0.8967. Nonetheless, break of 0.8666 again and sustained trading below 0.8686 will resume whole fall from 0.9305 and target 0.8303 key support next.

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’s decline last week suggests that corrective rebound form 0.8670 has completed with three waves up to 0.9175. That came after missing 61.8% retracement of 0.9499 to 0.8670 at 0.9182. Initial bias stays on the downside this week for 0.8864 support first. Break will confirm this case and target a test on 0.8670 low. On the upside, though, break of 0.9067 will turn bias back to the upside for retesting 0.9175 instead.

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.

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) 0.8660; (P) 0.8709; (R1) 0.8757; More…

Intraday bias in EUR/GBP remains neutral for the moment. Further decline is expected as long as 0.8873 minor resistance holds. Break of 0.8655 will resume the whole fall from 0.9098 for 0.8620 support first. Break will target 100% projection of 0.9098 to 0.8722 from 0.8939 at 0.8563 next. However, break of 0.8773 minor resistance will turn focus back to 0.8939 resistance instead.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Medium term fall from 0.9305 is possibly in progress and could extend through 0.8620. On the upside, break of 0.8939 resistance is needed to indicate medium term reversal. Otherwise, outlook will remain cautiously bearish even in case of rebound.

EUR/GBP recovered to 0.8644 last week but dropped sharply since then. Initial bias is back on 0.8532 support. Break there will resume larger fall from 0.9499. Next target will be 0.8276 key support level. On the upside, though, break of 0.8644 resistance will turn bias to the upside for stronger rebound, to 0.8729 resistance and above.

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.

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.

EUR/GBP recovered last week but failed to break through 0.8577 so far. Initial bias remains neutral this week first. Considering bullish convergence condition in D MACD, decisive break of 0.8577 and 55 D EMA (now at 0.8574) will argue that fall from 0.8764 has completed. Intraday bias will be back on the upside for rebound towards 0.8713 resistance. Nevertheless, firm break of 0.8491/7 support zone will confirm larger down trend resumption.

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.

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.