Daily Pivots: (S1) 0.8557; (P) 0.8603; (R1) 0.8654; More…

Intraday bias in EUR/GBP remains neutral at this point as it’s staying in range of 0.8474/8722. Near term outlook remains bearish as long as 0.8722 resistance holds. On the downside, break of 0.8474 will resume larger down trend for 0.8416 long term projection next. On the upside, though, break of 0.8722 will resume the rebound from 0.8474 to 0.8840 resistance first.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Current fall from 0.9305 (2017 high), is a falling leg inside the pattern. Such decline could extend to 100% projection of 0.9305 to 0.8620 from 0.9101 at 0.8416 and possibly below. But for now, we’d expect strong support around 0.8312 support to contain downside and bring rebound.

Daily Pivots: (S1) 0.8437; (P) 0.8478; (R1) 0.8499; More…

EUR/GBP’s break of 0.8469 support indicates resumption of fall from 0.8851. This is in line with our view that fall from 0.8851 is the third leg of the corrective pattern from 0.9304. Intraday bias is now back on the downside for 0.8303 low next. Break will extend the fall from 0.9304 to 0.8116 key cluster support level. On the upside, above 0.8550 minor resistance will turn bias neutral first. But outlook will stay bearish as long as 0.8643 resistance holds.

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).

Subscribe to our daily and mid-day newsletter to get this report delivered to your mail box

Daily Pivots: (S1) 0.8590; (P) 0.8626; (R1) 0.8648; More…

Intraday bias in EUR/GBP remains neutral for the moment. On the downside, break of 0.8484 support will suggest rejection by 0.8697 medium term fibonacci resistance. Outlook will be turned bearish for 0.8248 support next. 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.

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) 0.8710; (P) 0.8719; (R1) 0.8732; More….

Intraday bias in EUR/GBP stays neutral at this point. Consolidation from 0.8739 might still extend. But downside of retreat should be contained well above 0.8614 support to bring another rally. Firm break of 0.8739 will target 100% projection of 0.8491 to 0.8704 from 0.8614 at 0.8827 next.

In the bigger picture, current development suggests that whole down trend from 0.9267 (2022 high) has 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 now remain the favored case as long as 0.8614 support holds.

Daily Pivots: (S1) 0.8948; (P) 0.8970; (R1) 0.8983; More…

Intraday bias in EUR/GBP remains neutral for the moment. With 0.8954 minor support intact, another rise cannot be ruled out yet. . But we’d look for topping signal as it approaches 0.9101 key resistance. On the downside, break of 0.8954 support will indicate short term topping. In this case, deeper pull back could be seen to 55 day EMA (now at 0.8858) 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. Nevertheless, as EUR/GBP is still staying inside long term falling channel, correction from 0.9305 could still extend to 0.8400 fibonacci level before completion, if upside is rejected by 0.9101.

Daily Pivots: (S1) 0.8427; (P) 0.8450; (R1) 0.8467; More…

Intraday bias in EUR/GBP remains neutral for consolidation from 0.8401. On the downside, break of 0.8401 will resume larger down trend from 0.9499 to 0.8276 key long term support next. On the upside, though, break of 0.8474 will bring stronger rebound back to 55 day EAM (now at 0.8509) 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 0.8656 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.

Daily Pivots: (S1) 0.8784; (P) 0.8860; (R1) 0.9008; More…

EUR/GBP retreated sharply after rising to 0.9267. Intraday bias is turned neutral first. Further rally is expected as long as 0.8720 resistance turned support holds. Above 0.9267 will target 0.9499 long term resistance. However, break of 0.8270 support will mix up the near term outlook.

In the bigger picture, rise from 0.8201 is in progress targeting 0.9499 (2020 high) next. Based on current momentum, such rally should be resuming the up trend from 0.6935 (2015 low). Firm break of 0.9499 will target 61.8% projection of 0.6935 to 0.9499 from 0.8201 at 0.9786, which is close to 0.9799 (2008 high). This will now remain the favored case as long as 0.8720 resistance turned support holds.

Daily Pivots: (S1) 0.8656; (P) 0.8666; (R1) 0.8678; More….

Intraday bias in EUR/GBP stays neutral and outlook is unchanged. On the upside, decisive break of 0.8700 resistance will carry larger bullish implication and bring stronger rally to 0.8874 resistance next. Nevertheless, rejection by this resistance will maintain bearish outlook that larger down trend is not over. Firm break of 0.8629 resistance turned support will turn bias back to the downside for 0.8568 support 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). Decisive break of 0.8700 resistance will argue that this decline has completed with three waves down to 0.8491. Rise from 0.8491 could then be another leg inside the pattern and targets 0.8977 and above. However, rejection by 0.8700 will keep the down trend alive for another fall through 0.8491 at a later stage.

Daily Pivots: (S1) 0.8846; (P) 0.8882; (R1) 0.8905; More…

At this point,f further rise is mildly in favor in EUR/GBP to 0.8981 resistance. Sustained break there will indicate that whole decline from 0.9305 has completed. In such case, EUR/GBP will target a test on 0.9304/5 key resistance. On the downside, below 0.8851 minor support will turn bias back to the downside for 0.8668 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 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) 0.8564; (P) 0.8588; (R1) 0.8601; More…

Intraday bias in EUR/GBP remains neutral first. On the downside, break of of 0.8529 will resume the choppy decline towards retesting 0.8470 low. On the upside, decisive break of 0.8670 will confirm that corrective fall from 0.8718 has completed. Further rise would be seen to resume the rebound from 0.8470.

In the bigger picture, price actions from 0.9499 are still seen 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.

EUR/GBP edged lower to 0.8497 last week but recovered just ahead of 0.8491 support. Yet, upside is capped below 0.8571 resistance. Initial bias remains neutral this week first. On the downside, break of 0.8497 will resume recent fall to 0.8464 projection level. However, considering bullish convergence condition in 4H MACD, sustained break of 0.8571 will confirm short term bottoming, 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.

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.

Daily Pivots: (S1) 0.8440; (P) 0.8456; (R1) 0.8472; More…

EUR/GBP’s decline continues to as low as 0.8418 so far. Intraday bias remains on the downside for 0.8376 projection level next. On the upside, above 0.8446 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.

In the bigger picture, down trend from 0.9267 (2022 high) is in progress. Next target is 100% projection of 0.8764 to 0.8497 from 0.8643 at 0.8376. Sustained break there will target 161.8% projection at 0.8211 next. For now, outlook will remain bearish as long as 0.8643 resistance holds, even in case of stronger rebound.

Daily Pivots: (S1) 0.8425; (P) 0.8460; (R1) 0.8484; More…

Intraday bias in EUR/GBP is turned neutral at this point. On the downside, break of 0.8386 minor support will resume the choppy fall from 0.8720 through 0.8338. On the upside, above 0.8510 will resume the rebound to 0.8585 resistance next.

In the bigger picture, medium term bearishness is maintained with prior rejection by 38.2% retracement of 0.9499 to 0.8201 at 0.8697. 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.

EUR/GBP’s rally accelerated to as high as 0.8750 last week. Initial bias remains on the upside this week for 0.8786 resistance. The corrective fall from 0.9304 is likely completed after failing to take out 0.8332 support decisively. Break of 0.8786 would pave the wave for retesting 0.9304 high. On the downside, below 0.8674 minor support will turn intraday bias neutral first and bring retreat. But near term outlook will remain mildly bullish as long as 0.8529 resistance turned support holds.

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 taking 0.8332 structural support. But it’s too early to say that larger rise from 0.6935 is resuming. Rejection from0.9304 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.

In the long term picture, firstly, price action from 0.9799 (2008 high) is seen as a long term corrective pattern and should have completed at 0.6935 (2015 low). 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 correction from 0.9304 completes, we’d expect another medium term up trend to target 0.9799 high and above.

Daily Pivots: (S1) 0.8639; (P) 0.8663; (R1) 0.8709; More…

The strong rebound from 0.8604 and break of 0.8699 minor resistance suggests that pull back from 0.8786 is completed. Intraday bias is turned back to the upside for 0.8786 first. Break will extend the rise from 0.8402 and target 61.8% retracement of 0.9304 to 0.8303 at 0.8922. Overall, price actions from 0.8303 are forming a corrective pattern, as the second leg of the correction from 0.9304. We’d expect strong resistance above 0.8922 to limit upside and bring another fall.

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) 0.8889; (P) 0.8947; (R1) 0.8996; More…

Intraday bias in EUR/GBP stays neutral as consolidation from 0.9267 continues. Further rally is expected as long as 0.8720 resistance turned support holds. Above 0.9267 will target 0.9499 long term resistance. However, break of 0.8270 support will mix up the near term outlook.

In the bigger picture, rise from 0.8201 is in progress targeting 0.9499 (2020 high) next. Based on current momentum, such rally should be resuming the up trend from 0.6935 (2015 low). Firm break of 0.9499 will target 61.8% projection of 0.6935 to 0.9499 from 0.8201 at 0.9786, which is close to 0.9799 (2008 high). This will now remain the favored case as long as 0.8720 resistance turned support holds.

EUR/GBP’s fall last week argues that rebound from 0.8529 has completed at 0.8619 already. Initial bias remain the downside this week for 0.8529 support first. Decisive break there will that larger down trend is ready to resume through 0.8491/7 support one. On the upside, above 0.8579 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.

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.

Daily Pivots: (S1) 0.8517; (P) 0.8530; (R1) 0.8543; More…

EUR/GBP recovered ahead of 0.8512 support, and intraday bias remains neutral. Further decline is expected with 0.8591 resistance intact. On the downside, below 0.8512 will resume the fall from 0.8713 to 0.8491, and then 0.8464 projection level. However, firm break of 0.8591 will 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) 0.8498; (P) 0.8530; (R1) 0.8569; More…

EUR/USD is staying in range of 0.8474/8676 and intraday bias remains neutral. Further decline is expected as long as 0.8676 resistance holds. On the downside, break of 0.8474 will resume larger down trend to 0.8416 long term projection next. However, firm break of 0.8676 resistance will indicate short term reversal and bring further rise to 0.8840 resistance.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Current fall from 0.9305 (2017 high), is a falling leg inside the pattern. Such decline is now targeting 100% projection of 0.9305 to 0.8620 from 0.9101 at 0.8416 and possibly below. But for now, we’d expect strong support around 0.8312 support to contain downside and bring rebound.

EUR/GBP stayed in consolidation below 0.8992 last week and outlook is unchanged. Further rise is expected as long as 0.8872 support holds and break of 0.8992 is expected. However, considering bearish divergence condition in4 hour MACD, we’d look for topping signal as it approaches 0.9101 key resistance. On the downside, break of 0.8872 will indicate short term topping. In this case, deeper pull back could be seen to 55 day EMA (now at 0.8830) 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 0.8527). Decisive break of 0.9101 resistance will confirm this bullish case. Nevertheless, as EUR/GBP is still staying inside long term falling channel, correction from 0.9305 could still extend to 0.8400 fibonacci level before completion, if upside is rejected by 0.9101.

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). As long as 38.2% retracement of 0.6935 to 0.9306 at 0.8400 holds, further rise should be seen through 0.9305 to 0.9799 and above down the road.