Action Insight Archives |
Written by ActionForex.com |
Sep 24 12 12:35 GMT
EUR/GBP Mid-Day Outlook
Daily Pivots: (S1) 0.7979; (P) 0.7993; (R1) 0.8013; More...
EUR/GBP dropped further today and the break of 0.7962 support turned resistance argues that rebound from 0.7755 is already finished at 0.8114. More importantly, the corrective structure of such rebound argue that decline from 0.9083 isn't over yet. Intraday bias is back on the downside for 0.7886 support. Break will likely send EUR/GBP through 0.7755 low. On the upside, though, above 0.8007 will mix up the near term outlook and turn focus back to 0.8114 resistance.
In the bigger picture, price actions from 0.9799 are treated as a long term consolidation pattern with fall from 0.9083 as the third leg. Strong support is expected inside 0.7693/8186 support zone to conclude the consolidation. Current development argues that such consolidation isn't over yet and a new low below 0.7755 might be seen. But we'd continue to focus on reversal signal during next fall.
Subscribe to our daily and mid-day newsletter to get this report delivered to your mail box