EUR/GBP dropped to 0.8607 last week but recovered since then. Initial bias is turned neutral this week first, but further decline is expected with 0.8869 resistance intact. Break of 0.8607 will target 61.8% projection of 0.9267 to 0.8647 from 0.8869 at 0.8486.

In the bigger picture, current development suggests that fall from 0.9267 is a down leg inside long term range pattern. Deeper fall could be seen towards 0.8201/8338 support zone. But strong support should be seen there to bring reversal.

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).

Outlook in EUR/GBP remains rather mixed. The price actions from 0.8844 are corrective in nature and supports a bullish view. But rally attempts have failed so far. Initial bias is neutral this week first. On the upside, above 0.8808 will target 0.8844 first. Firm break there will finally confirm our bullish view and resume the rebound from 0.8620 to 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963). On the downside, however, break of 0.8679 minor support should indicate completion of the rebound form 0.8620. And intraday bias will be turned back to the downside for this support.

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) 0.8933; (P) 0.8968; (R1) 0.9034; More…

Intraday bias in EUR/GBP remains 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) 0.8474; (P) 0.8493; (R1) 0.8513; More…

Intraday bias in EUR/GBP stays on the downside first. Current fall is part of the pattern for 0.9499 and would target 0.8276 key support level. We’d look for bottoming signal as it approaches this support. On the upside, above 0.8532 minor resistance will turn bias neutral first. But, break of 0.8644 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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 medium term outlook bearish.

Daily Pivots: (S1) 0.9054; (P) 0.9092; (R1) 0.9119; More…

EUR/GBP surges to as high as 0.9209 so far. The break of 0.9175 resistance confirms resumption of whole rise form 0.8670. Intraday bias remains on the upside for 100% projection of 0.8670 to 0.9175 from 0.8866 at 0.9371. On the downside,below 0.9130 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, at this point, we’re still seeing the fall from 0.9499 as developing into a corrective pattern. That is, up trend form 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds.

Daily Pivots: (S1) 0.8434; (P) 0.8463; (R1) 0.8481; More…

Intraday bias in EUR/GBP remains neutral and outlook is unchanged. Fall from 0.8720 is still expected to resume as long as 0.8585 resistance holds. Firm break of 0.8338 support will target a retest on 0.8201 low.

In the bigger picture, current development suggests rejection by 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Medium term bearishness is maintained. Break of 0.8201 will resume larger down trend from 0.9499 (2020 high). Nevertheless, sustained break of 0.8697 will affirm the case that rise from 0.8201 is a medium term up trend itself.

Daily Pivots: (S1) 0.8372; (P) 0.8401; (R1) 0.8421; More…

EUR/GBP’s break of 0.8386 support suggests resumption of fall from 0.8595. Intraday bias is back on the downside for 0.8276 low. Decisive break there will resume larger decline from 0.9324. Next downside target will be 61.8% projection of 0.9019 to 0.8276 from 0.8595 at 0.8136. On the upside, above 0.8400 minor resistance will turn bias neutral first.

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.

Daily Pivots: (S1) 0.8790; (P) 0.8820; (R1) 0.8882; More…

With today’s recovery, focus is now on 0.8863 resistance in EUR/GBP. Break there should confirm short term bottoming at 0.8670. Intraday bias will be turned back to the upside for 38.2% retracement of 0.9499 to 0.8670 at 0.8987. On the downside, however, break of 0.8670 will resume the fall from 0.9499 to 0.8276/82 key support zone.

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) 0.8812; (P) 0.8848; (R1) 0.8869; More…

With 0.8917 resistance intact, deeper decline is expected in EUR/GBP for 100% projection of 0.9291 to 0.8861 from 0.9229 at 0.8799. Firm break there will indicate downside acceleration for 0.8670 support, as part of the corrective pattern from 0.9499. In any case, outlook will remain bearish as long as 0.8917 resistance holds, in case of recovery.

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) 0.8720; (P) 0.8734; (R1) 0.8754; More…

Intraday bias in EUR/GBP remains neutral for the moment. 0.8666/86 is seen as an important support zone that EUR/GBP has just drawn support from. Further rise is mildly in favor. Break of 0.8796 will resume the rebound from 0.8666 and target 61.8% retracement of 0.8967 to 0.8666 at 0.8852 and above. However, decisive break of 0.8666 will resume whole fall from 0.9305 and target 0.8312 key support.

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) 0.8462; (P) 0.8503; (R1) 0.8575; More…

Intraday bias in EUR/GBP remains on the upside as rise from 0.8282 is in progress. Such rally is seen as the third leg of the consolidation pattern from 0.8276. Strong resistance should be seen from 0.8537/8595 resistance zone to limit upside. On the downside, break of 0.9415 support turned resistance will bring retest of 0.8276 low.

In the bigger picture, decline from 0.9324 medium term top is still in progress. As long as 0.8595 holds, further fall is expected to 61.8% retracement of 0.6935 to 0.9324 at 0.7848. Nevertheless, break of 0.8595 will argue that fall from 0.9324 has completed and bring stronger rebound.

Daily Pivots: (S1) 0.8721; (P) 0.8742; (R1) 0.8767; More…

Breach of 0.8757 minor resistance argues that EUR/GBP formed a short term bottom at 0.8666 after failing to sustain below 0.8686. Intraday bias is turned back to the upside for 38.2% retracement of 0.8967 to 0.8666 at 0.8781 first. Break will target 61.8% retracement at 0.8852 and above. 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.

EUR/GBP spiked higher to 0.9267 last week but dropped sharply from there. As downside is contained above 0.8720 resistance turned support, there is no confirmation of reversal yet. Initial bias stays neutral this week. Break of 0.9065 minor resistance will bring retest of 0.9267. However, firm break of 0.8720 will argue that whole rise from 0.8201 has completed, and target 55 day EMA (now at 0.8631) first.

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.

In the long term picture, the fall form 0.9499 (2020 high), as a correction to rise from 0.6935 (2015 low), could have completed 0.8201. It’s still early to judge that up trend is ready to resume. But in that case, further rise would be seen to 0.9499 first, and then 0.9799 (2009 high).

Daily Pivots: (S1) 0.8615; (P) 0.8631; (R1) 0.8650; More…

Intraday bias in EUR/GBP remains neutral as sideway trading continues. Further rally is expected with 0.8484 support intact. On the upside, break of 0.8720 and sustained trading above 0.8697 medium term fibonacci level will carry larger bullish implication. Next target is 0.9003 fibonacci level. However, break of 0.8484 will indicate rejection by 0.8697 and turn near term outlook bearish.

In the bigger picture, rise from 0.8201 medium term bottom could could either be a correction to the down trend from 0.9499 (2020 high), or a medium term up trend itself. Sustained break of 38.2% retracement of 0.9499 to 0.8201 at 0.8697 will affirm the latter case, and pave the way to 61.8% retracement at 0.9003. However, rejection by 0.8697 will maintain medium term bearishness.

Daily Pivots: (S1) 0.8663; (P) 0.8693; (R1) 0.8741; More…

EUR/GBP edges higher to 0.83735 today but stays below 0.8739 resistance. Intraday bias remains neutral first. For now, we’d still expect strong resistance from 0.8379 to limit upside and bring fall resumption. Break of 61.8% projection of 0.9305 to 0.8745 from 0.8967 at 0.8621 will extend larger decline to 100% projection at 0.8407. However, sustained break of 0.8739 will indicate near term reversal and bring stronger rise back to 0.8796 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.

Daily Pivots: (S1) 0.8579; (P) 0.8600; (R1) 0.8611; More…

EUR/GBP’s fall from 0.8713 is still in progress and intraday bias stays on the downside for retesting 0.8548 support. Firm break there will target 0.8491 low next. On the upside, above 0.8638 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 0.8713 resistance holds, in case of recovery.

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 0.8764 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) 0.8589; (P) 0.8602; (R1) 0.8627; More…

EUR/GBP’s strong rally and break of 0.8657 resistance confirms short term bottoming at 0.8502, on bullish convergence condition in 4H and D MACD. Current development argues that fall from 0.8977 might have completed its five-wave sequence. Intraday bias is back on the upside for 0.8717 support turned resistance first. Sustained break there will solidify this case and target 0.8977 resistance next. On the downside, though, below 0.8597 will mix up the outlook and turn intraday bias neutral first.

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 o f0.9267 high. Nevertheless, break of 0.8502 will resume the decline towards 0.8201 (2022 low).

Daily Pivots: (S1) 0.8671; (P) 0.8695; (R1) 0.8709; More…

EUR/GBP’s decline is still in progress and intraday bias stays on the downside. Fall from 0.9229 is seen as the third leg of the pattern from 0.9499. Deeper decline should be seen to 0.8670 support. Break will target 161.8% projection of 0.9291 to 0.8861 from 0.9229 at 0.8533. For now, near term outlook will remain bearish as long as 0.8790 resistance holds, in case of recovery.

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) 0.8748; (P) 0.8769; (R1) 0.8798; More…

EUR/GBP surges to as high as 0.8837 so far today and the strong break of 0.8808 resistance argues that rise fro 0.8620 is ready to resume. Intraday bias back on the upside for 0.8844 resistance Decisive break there will confirm our bullish view and target 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963). On the downside, below 0.8776 minor support will dampen the bullish case again and turn bias neutral.

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’s steep decline last week argues that rebound from 0.8201 has completed at 0.8720 already, after rejection by 0.8697 medium term fibonacci level. The development maintains medium term bearishness. Initial bias stays on the downside this week for retesting 0.8201/48 support zone next. On the upside, above 0.8531 minor resistance will turn intraday bias neutral first.

In the bigger picture, rejection by 38.2% retracement of 0.9499 to 0.8201 at 0.8697 argues that rebound from 0.8201 is merely a corrective move. That is, down trend from 0.9499 (2020 high) is now over. Sustained break of 0.8201 will resume such decline and target 61.8% retracement of 0.6935 to 0.9499 at 0.7917. This will now remain the favored case as long as 0.8720 resistance holds.

In the long term picture, the lack of medium term downside momentum suggests that fall from 0.9499 (2020 high) is merely a correction to rise from 0.6935 (2015 high). In case of another fall, downside should be contained by 61.8% retracement of 0.6935 to 0.9499 at 0.7917 to bring rebound. Sustained trading above 55 month EMA (now at 0.8604) will indicate that the correction has completed and bring retest of 0.9499.