EURGBP Outlook |
Written by ActionForex.com |
Sep 19 13 03:22 GMT
EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8351; (P) 0.8374; (R1) 0.8397; More....
With 0.8453 minor resistance intact, deeper fall is still expected in EUR/GBP. But again, current decline is viewed as part of the consolidation pattern from 0.8806. We'd continue to be cautious on reversal below 0.8397 resistance. Break of 0.8453 resistance will turn bias back to the upside for 0.8504 resistance and above.
In the bigger picture, we're still preferring the case that correction from 0.9799 has completed with three waves down to 0.7755 already. Rise from 0.7755 isn't completed yet and should resume after completing the consolidation pattern from 0.8806. Above 0.8806 will target 0.9083 key resistance level and break will confirm this bullish case. However, break of 0.8164 cluster support (61.8% retracement of 0.7755 to 0.8806 at 0.8156) will invalidate this view and turn medium term outlook bearish for 0.7755 low.
Subscribe to our daily and mid-day newsletter to get this report delivered to your mail box