Daily Pivots: (S1) 0.8569; (P) 0.8583; (R1) 0.8606; More…

EUR/GBP recovered quickly after dipping to 0.8559. Intraday bias is turned neutral first. On the downside, below 0.8559 will target a test on 0.8470 low. On the upside, though, break of 0.8718 will resume the rebound from 0.8470 to 38.2% retracement of 0.9291 to 0.8470 at 0.8784.

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.

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) 0.8933; (P) 0.8969; (R1) 0.8990; More…

Intraday bias in EUR/GBP remains neutral for the moment. On the downside, firm break of 0.8944 support will 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. On the upside, break of 0.9175 will resume larger rise from 0.8670, towards 0.9499 high.

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) 0.8465; (P) 0.8482; (R1) 0.8494; More…

Intraday bias in EUR/GBP remains on the downside with focus on 0.8470 low. Decisive break there will resume larger fall from 0.9499, towards next key support at 0.8276. On the upside, break of 0.8556 will indicate short term bottoming and turn bias back to the upside for strong rebound.

In the bigger picture, price actions from 0.9499 are still seen as developing into a corrective pattern. Deeper fall could be seen as long as 0.8718 resistance holds. Firm break of 0.8470 will target long term support at 0.8276. However, firm break of 0.8718 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) 0.8738; (P) 0.8752; (R1) 0.8761; More….

Further rally is expected in EUR/GBP as long as 0.8648 support holds. Current rise from 0.8491 should target 61.8% projection of 0.8491 to 0.8752 from 0.8648 at 0.8809. On the downside, break of 0.8687 support will indicate short term topping, and turn bias back to the downside.

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) 0.8638; (P) 0.8668; (R1) 0.8685; More…

EUR/GBP’s rally resumed after brief dip to 0.8639 and reaches as high as 0.8858 so far. Intraday bias is back on the upside and decisive break of 0.8851 will pave the way to retest 0.9304 high. There is no firm sign of up trend resumption yet. Hence, we’ll be cautious on topping around 0.9304. On the downside, break of 0.8639 is now needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

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 testing 0.8332 structural support. But it’s too early to say that larger rise from 0.6935 is resuming. Rejection from 0.9304 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.

Daily Pivots: (S1) 0.8900; (P) 0.8927; (R1) 0.8962; More

Intraday bias in EUR/GBP remains neutral as consolidation from 0.8994 continues. Downside of retreat should be contained by 0.8828 minor support to bring another rally. Break of 0.8994 will extend the whole rise from 0.8312 towards 0.9304 high. here is no clear sign of up trend resumption yet. Hence, we’ll be cautious on strong resistance from 0.9304 to limit upside and bring another fall.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. It’s uncertain whether it is finished yet. But in case of another fall, 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. Whole up trend from 0.6935 is expected to resume after consolidation from 0.9304 completes.

Daily Pivots: (S1) 0.8578; (P) 0.8611; (R1) 0.8630; More…

Intraday bias in EUR/GBP is turned neutral first with current retreat. On the upside, decisive break of medium term trend line resistance (now at 0.8649) will solidify the bullish case of trend reversal, and target 0.8764 resistance next. However, sustained break of 55 4H EMA (now at 0.8580) will indicate rejection by the trend line, and bring retest of 0.8491/7 support zone instead.

In the bigger picture, outlook is mixed up by current strong rebound. On the upside, sustained break of the trend medium term trend resistance will argue that the down trend from 0.9267 (2022 high) has completed as a triangle pattern. Further rise should then be seen through 0.8764 resistance next. However, rejection by the trend line will retain medium term bearishness for another fall through 0.8491 at a later stage.

Daily Pivots: (S1) 0.9087; (P) 0.9135; (R1) 0.9170; More…

No change in EUR/GBP’s outlook as corrective fall from 0.9342 might extend to 55 day EMA (now at 0.9034). But strong support should be seen in 0.8891/9051 support zone to bring rise resumption. On the upside, above 0.9194 minor resistance will turn bias back to the upside. Break of 0.9324 will resume larger up trend.

In the bigger picture, up trend from 0.6935 (2015 low) should be resuming. Sustained break of 0.9305 will confirm and target 0.9799 (2008 high) and then 61.8% projection of 0.6935 to 0.9305 from 0.8472 at 0.9937. In any case, medium term outlook will remain bullish as long as 0.8891 support holds, in case of deep pull back.

Daily Pivots: (S1) 0.8520; (P) 0.8557; (R1) 0.8616; More…

Intraday bias in EUR/GBP remains on the upside as the rebound from 0.8312 continues. Further rally would be seen to 0.8786 resistance next. Overall, price actions 0.9304 are viewed as a medium term corrective pattern that is extending. As EUR/GBP has just defended 0.8303 resistance. Break of 0.8786 could bring a retest on 0.9304 high. On the downside, below 0.8508 minor support will turn bias neutral and bring retreat first.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. In case of deeper fall, 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) 0.8546; (P) 0.8562; (R1) 0.8578; More…

Intraday bias in EUR/GBP remains neutral for the moment and outlook is unchanged. 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.

Daily Pivots: (S1) 0.8597; (P) 0.8622; (R1) 0.8648; More…

EUR/GBP is still bounded in consolidation from 0.8472 and outlook is unchanged. While further recovery cannot be ruled out, upside should be limited below 0.8681 resistance. On the downside, decisive break of 0.8472 will confirm resumption of down trend from 0.9101 and target 61.8% projection of 0.9101 to 0.8472 from 0.8681 at 0.8292 next.

In the bigger picture, medium term decline from 0.9306 (2017 high) is seen as a corrective move. Current development suggests that it’s extending through 0.8312 support towards 50% retracement of 0.6935 (2015 low) to 0.9306 at 0.8121. We’ll look for strong support around there to contain downside to complete the correction. But for now, break of 0.8681 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of recovery.

Daily Pivots: (S1) 0.8516; (P) 0.8534; (R1) 0.8548; More…

Intraday bias in EUR/GBP stays neutral first and, with 0.8479 minor support intact, further rise is mildly in favor. Above 0.8595 will extend the rebound from 0.8276 to 38.2% retracement of 0.9324 to 0.8276 at 0.8676. However, firm break of 0.8479 will indicate completion of the rebound, and turn bias to the downside for retesting 0.8276 low.

In the bigger picture, decline from 0.9324 medium term top is till 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) 0.8620; (P) 0.8645; (R1) 0.8670; More…

Intraday bias in EUR/GBP is turned neutral first with the current sharp retreat. A temporary top was formed at 0.8668 after rejection by 0.8670 resistance. On the upside, firm break of 0.8670 will affirm the case that whole rebound from 0.8470 is resuming through 0.8718 resistance.

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 stayed in range above 0.8559 last week and outlook is unchanged. Initial bias remains neutral this week first. On the downside, below 0.8559 will target a test on 0.8470 low. On the upside, though, break of 0.8718 will resume the rebound from 0.8470 to 38.2% retracement of 0.9291 to 0.8470 at 0.8784.

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.

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.

Daily Pivots: (S1) 0.8598; (P) 0.8622; (R1) 0.8666; More…

EUR/GBP is staying in consolidation from 0.8575 and intraday bias remains neutral first. 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) 0.8966; (P) 0.8984; (R1) 0.9012; More…

With 0.8954 minor support intact, further rise is til in favor in EUR/GBP to 0.9101 key resistance. We’d continue to be cautious on topping there to bring pull back. 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 0.8855) 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.

Daily Pivots: (S1) 0.8505; (P) 0.8531; (R1) 0.8571; More…

EUR/GBP recovered after forming a temporary low at 0.8430, ahead of 0.8402 support. Intraday bias is turned neutral first. There is no change in the view that price actions from 0.8303 are a consolidation pattern. And, it’s the second leg of the correction from 0.9304. Below 0.8430 will target 0.8402. Break of 0.8402 will resume the fall from 0.9304 to 0.8116/20 cluster support, where the correction should end. Above 0.8604 minor resistance will bring another recovery before fall from 0.9304 resumes.

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. Break of 0.9304 will pave the way 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) 0.8464; (P) 0.8495; (R1) 0.8514; More…

EUR/GBP’s break of 0.8456 minor support suggests that rebound from 0.8401 has completed at 0.8585. Intraday bias is back on the downside for 0.8401 support first. Break there will resume larger decline from 0.8720. Deeper fall would then be seen towards 0.8201 low. On the upside, above 0.8490 minor resistance will turn intraday bias neutral first.

In the bigger picture, attention remains on 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will affirm the case that rise from 0.8201 is a medium term up trend itself. Further rally would then be seen to 61.8% retracement at 0.9003. However, rejection by 0.8697 will confirm medium term bearishness for another fall through 0.8201.

Daily Pivots: (S1) 0.9118; (P) 0.9141; (R1) 0.9159; More

Intraday bias in EUR/GBP remains on the downside for the moment. Current fall from 0.9305 short term top would target 55 day EMA (now at 0.9013). Sustained trading below there will likely start the third leg of the consolidation from 0.9304 and target 0.8303 key support again. On the upside, above 0.9236 minor resistance will turn bias back to the upside for 0.9225 minor resistance instead.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. It’s uncertain whether it is finished yet. But in case of another fall, 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. Whole up trend from 0.6935 is expected to resume after consolidation from 0.9304 completes. Firm break of 0.9799 high will target 61.8% projection of 0.5680 to 0.9799 from 0.6935 at 1.1054.