EURGBP Outlook |
Written by ActionForex.com |
Mar 06 13 07:11 GMT
EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8598; (P) 0.8616; (R1) 0.8645; More....
EUR/GBP is staying in tight range above 0.8575 and intraday bias remains neutral. Correction from 0.8806 short term top is expected to continue further. Below 0.8575 minor support will bring another fall. But strong support should be contained by 0.8446 (50% retracement of 0.8085 to 0.8806 at 0.8446) and bring rebound to continue the consolidation. On the upside, break of 0.8806 is needed to confirm rise resumption. Before that, near term outlook is neutral for more sideway trading.
In the bigger picture, price actions from 0.9799 are treated as a long term consolidation pattern and should have finished with three waves down to 0.7755 already. Focus is now on 0.9083 key resistance level. Break there will confirm this bullish case and should target 0.9799 high and above. Meanwhile, we'd stay bullish as long as 0.8164 support holds, or unless fall from 0.8806 shows strong downside acceleration.
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