EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8304; (P) 0.8335; (R1) 0.8360; More.

No change in EUR/GBP's outlook. With 0.8316 support intact, we'd still favoring the case that rise from 0.8067 is not completed yet. Above 0.8416 minor resistance will flip intraday bias back to the upside for 0.8530 and then 0.8601 resistance. However, decisive break of 0.8316 will argue that another low below 0.8067 would be seen before EUR/GBP bottoms.

In the bigger picture, whole decline from 0.9799 is viewed as a three wave correction from to the larger up trend. Such correction might have completed at 8067 already, inside mentioned 0.7693/8186 support zone. Focus remains on 0.8601 support turned resistance. Decisive break there will further affirm the case that long term up trend in EUR/GBP is resuming and will target 0.9410 resistance for confirmation. On the downside, in case of another fall, we'd continue to focus on reversal signal inside 0.7693/8186 support zone.

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