Tue, Oct 04, 2022 @ 22:49 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8622; (P) 0.8727; (R1) 0.8782; More…

Break of 0.8720 resistance turned support argues that rise from 0.8201 has completed in three-wave corrective pattern. Intraday bias is back on the downside for 55 day EMA (now at 0.8636) first. Firm break there will target 0.8201/8338 support zone. On the upside, above 0.8848 minor resistance will turn intraday bias neutral first.

In the bigger picture, as long as 0.8720 resistance turned support holds, rise from 0.8201 is seen as resuming larger up trend from 0.6935 (2015 low). Break of 0.9499 (2020 high) should be seen at a later stage. However, firm break of 0.8720 will argue that sideway pattern from 0.9499 is extending with another falling leg instead.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8741; (P) 0.8796; (R1) 0.8838; More…

Intraday bias in EUR/GBP stays neutral with focus on 0.8720 resistance turned support. Firm break of 0.8720 will argue that whole rise from 0.8201 has completed in three-wave corrective pattern, and target 55 day EMA (now at 0.8636) first. Strong rebound from current level, will retain near term bullishness. Break of 0.9065 minor resistance will bring retest of 0.9267.

In the bigger picture, as long as 0.8720 resistance turned support holds, rise from 0.8201 is seen as resuming larger up trend from 0.6935 (2015 low). Break of 0.9499 (2020 high) should be seen at a later stage. However, firm break of 0.8720 will argue that sideway pattern from 0.9499 is extending with another falling leg instead.

EUR/GBP Weekly Outlook

EUR/GBP spiked higher to 0.9267 last week but dropped sharply from there. As downside is contained above 0.8720 resistance turned support, there is no confirmation of reversal yet. Initial bias stays neutral this week. Break of 0.9065 minor resistance will bring retest of 0.9267. However, firm break of 0.8720 will argue that whole rise from 0.8201 has completed, and target 55 day EMA (now at 0.8631) first.

In the bigger picture, as long as 0.8720 resistance turned support holds, rise from 0.8201 is seen as resuming larger up trend from 0.6935 (2015 low). Break of 0.9499 (2020 high) should be seen at a later stage. However, firm break of 0.8720 will argue that sideway pattern from 0.9499 is extending with another falling leg instead.

In the long term picture, the fall form 0.9499 (2020 high), as a correction to rise from 0.6935 (2015 low), could have completed 0.8201. It’s still early to judge that up trend is ready to resume. But in that case, further rise would be seen to 0.9499 first, and then 0.9799 (2009 high).

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8840; (P) 0.8953; (R1) 0.9053; More…

EUR/GBP’s consolidation from 0.9267 is still extending and intraday bias stays neutral. Further rally is expected as long as 0.8720 resistance turned support holds. Above 0.9267 will target 0.9499 long term resistance. However, break of 0.8270 support will mix up the near term outlook.

In the bigger picture, rise from 0.8201 is in progress targeting 0.9499 (2020 high) next. Based on current momentum, such rally should be resuming the up trend from 0.6935 (2015 low). Firm break of 0.9499 will target 61.8% projection of 0.6935 to 0.9499 from 0.8201 at 0.9786, which is close to 0.9799 (2008 high). This will now remain the favored case as long as 0.8720 resistance turned support holds.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8889; (P) 0.8947; (R1) 0.8996; More…

Intraday bias in EUR/GBP stays neutral as consolidation from 0.9267 continues. Further rally is expected as long as 0.8720 resistance turned support holds. Above 0.9267 will target 0.9499 long term resistance. However, break of 0.8270 support will mix up the near term outlook.

In the bigger picture, rise from 0.8201 is in progress targeting 0.9499 (2020 high) next. Based on current momentum, such rally should be resuming the up trend from 0.6935 (2015 low). Firm break of 0.9499 will target 61.8% projection of 0.6935 to 0.9499 from 0.8201 at 0.9786, which is close to 0.9799 (2008 high). This will now remain the favored case as long as 0.8720 resistance turned support holds.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8812; (P) 0.9031; (R1) 0.9205; More…

Intraday bias in EUR/GBP remains neutral at this point. Further rally is expected as long as 0.8720 resistance turned support holds. Above 0.9267 will target 0.9499 long term resistance. However, break of 0.8270 support will mix up the near term outlook.

In the bigger picture, rise from 0.8201 is in progress targeting 0.9499 (2020 high) next. Based on current momentum, such rally should be resuming the up trend from 0.6935 (2015 low). Firm break of 0.9499 will target 61.8% projection of 0.6935 to 0.9499 from 0.8201 at 0.9786, which is close to 0.9799 (2008 high). This will now remain the favored case as long as 0.8720 resistance turned support holds.

EUR/GBP Mid-Day Outlook

Daily Pivots: (S1) 0.8784; (P) 0.8860; (R1) 0.9008; More…

EUR/GBP retreated sharply after rising to 0.9267. Intraday bias is turned neutral first. Further rally is expected as long as 0.8720 resistance turned support holds. Above 0.9267 will target 0.9499 long term resistance. However, break of 0.8270 support will mix up the near term outlook.

In the bigger picture, rise from 0.8201 is in progress targeting 0.9499 (2020 high) next. Based on current momentum, such rally should be resuming the up trend from 0.6935 (2015 low). Firm break of 0.9499 will target 61.8% projection of 0.6935 to 0.9499 from 0.8201 at 0.9786, which is close to 0.9799 (2008 high). This will now remain the favored case as long as 0.8720 resistance turned support holds.

EUR/GBP Breaks Higher

The pound tumbles as Britain’s new fiscal stimulus raises doubts about its debt burden. A previous break above June’s high at 0.8720 had flushed out the remaining selling interest. Following a brief consolidation, the euro’s surge above 0.8780 triggered a runaway rally to a two-year high at 0.9290. The RSI’s extreme overbought condition may cause profit-taking with 0.8930 near the base of the momentum and the 20-hour moving average as a fresh support. Further extension may carry the pair to March 2020’s high at 0.9500.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8784; (P) 0.8860; (R1) 0.9008; More…

EUR/GBP’s rally accelerates further to as high as 0.9267 so far. There is no sign of topping yet. Intraday bias stays on the upside for 200% projection of 0.8201 to 0.8720 from 0.8338 at 0.9376. Firm break there will target 0.9499 long term resistance. On the downside, below 0.8959 minor support will turn bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, rise from 0.8201 is in progress targeting 0.9499 (2020 high) next. Based on current momentum, such rally should be resuming the up trend from 0.6935 (2015 low). Firm break of 0.9499 will target 61.8% projection of 0.6935 to 0.9499 from 0.8201 at 0.9786, which is close to 0.9799 (2008 high). This will now remain the favored case as long as 0.8720 resistance turned support holds.

EUR/GBP Weekly Outlook

EUR/GBP’s rally accelerated further to as high as 0.8933 last week. Initial bias stays on the upside this week. Current up trend from 0.8201 should target long term fibonacci level at 0.9003 next. On the downside, break of 0.8690 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, current development suggests that the down trend from 0.9499 has (2020 high) has completed at 0.8201. Rise from there is developing into a medium term up trend. Further rally would be seen to 61.8% retracement of 0.9499 to 0.8201 at 0.9003 next. Sustained break there will bring retest of 0.9499. This will now remain the favored case as long as 55 day EMA (now at 0.8585) holds.

In the long term picture, the fall form 0.9499 (2020 high), as a correction to rise from 0.6935 (2015 low), could have completed 0.8201. It’s still early to judge that up trend is ready to resume. But in that case, further rise would be seen to 0.9499 first, and then 0.9799 (2009 high).

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8699; (P) 0.8729; (R1) 0.8767; More…

Intraday bias in EUR/GBP remains neural as consolidation from 0.8786 is still extending. Downside should be contained by 0.8624 support to bring another rally. On the upside, break of 0.8786 will resume larger rise from 0.8201 to 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857.

In the bigger picture, current development suggests that the down trend from 0.9499 has (2020 high) has completed at 0.8201. Rise from there is developing into a medium term up trend. Further rally would be seen to 61.8% retracement of 0.9499 to 0.8201 at 0.9003 next. This will now remain the favored case as long as 55 day EMA (now at 0.8545) holds.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8705; (P) 0.8737; (R1) 0.8762; More…

EUR/GBP is staying in consolidation from 0.8786 and intraday bias remains neutral first. Some consolidations could be seen but downside should be contained by 0.8624 support to bring another rally. On the upside, break of 0.8786 will resume larger rise from 0.8201 to 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857.

In the bigger picture, current development suggests that the down trend from 0.9499 has (2020 high) has completed at 0.8201. Rise from there is developing into a medium term up trend. Further rally would be seen to 61.8% retracement of 0.9499 to 0.8201 at 0.9003 next. This will now remain the favored case as long as 55 day EMA (now at 0.8545) holds.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8747; (P) 0.8768; (R1) 0.8788; More…

Intraday bias in EUR/GBP remains neutral for consolidation below 0.8786. Some consolidations could be seen but downside should be contained by 0.8624 support to bring another rally. On the upside, break of 0.8786 will resume larger rise from 0.8201 to 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857.

In the bigger picture, current development suggests that the down trend from 0.9499 has (2020 high) has completed at 0.8201. Rise from there is developing into a medium term up trend. Further rally would be seen to 61.8% retracement of 0.9499 to 0.8201 at 0.9003 next. This will now remain the favored case as long as 55 day EMA (now at 0.8545) holds.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8747; (P) 0.8768; (R1) 0.8788; More…

Intraday bias in EUR/GBP is turned neutral with current retreat. Some consolidations could be seen but downside should be contained by 0.8624 support to bring another rally. On the upside, break of 0.8786 will resume larger rise from 0.8201 to 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857.

In the bigger picture, current development suggests that the down trend from 0.9499 has (2020 high) has completed at 0.8201. Rise from there is developing into a medium term up trend. Further rally would be seen to 61.8% retracement of 0.9499 to 0.8201 at 0.9003 next. This will now remain the favored case as long as 55 day EMA (now at 0.8545) holds.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8727; (P) 0.8755; (R1) 0.8795; More…

Intraday bias in EUR/GBP remains on the upside at this point. Current rise from 0.8201 should target 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857. On the downside, break of 0.8624 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

In the bigger picture, current development suggests that the down trend from 0.9499 has (2020 high) has completed at 0.8201. Rise from there is developing into a medium term up trend. Further rally would be seen to 61.8% retracement of 0.9499 to 0.8201 at 0.9003 next. This will now remain the favored case as long as 55 day EMA (now at 0.8545) holds.

EUR/GBP Weekly Outlook

EUR/GBP surged to as high as 0.8783 last week, as rise from 0.8201 resumed through 0.8722 resistance. Initial bias stays on the upside this week for 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857. On the downside, break of 0.8624 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

In the bigger picture, current development suggests that the down trend from 0.9499 has (2020 high) has completed at 0.8201. Rise from there is developing into a medium term up trend. Further rally would be seen to 61.8% retracement of 0.9499 to 0.8201 at 0.9003 next. This will now remain the favored case as long as 55 day EMA (now at 0.8545) holds.

In the long term picture, the fall form 0.9499 (2020 high), as a correction to rise from 0.6935 (2015 low), could have completed 0.8201. It’s still early to judge that up trend is ready to resume. But in that case, further rise would be seen to 0.9499 first, and then 0.9799 (2009 high).

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8667; (P) 0.8694; (R1) 0.8745; More…

EUR/GBP surges to as high as 0.8751 so far. The firm break of 0.8720 resistance should confirm resumption of whole rise from 0.8201. Intraday bias will be back on the upside for 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857. On the downside, break of 0.8624 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

In the bigger picture, sustained trading above 38.2% retracement of 0.9499 to 0.8201 at 0.8697 will argue that rise from 0.8201 is a medium term up trend, rather than a correction. Further rally would be seen back to 61.8% retracement at 0.9003. This will now be the favored case as long as 0.8338 support holds.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8621; (P) 0.8652; (R1) 0.8679; More…

Intraday bias in EUR/GBP remains neutral and outlook is unchanged. On the upside, firm break of 0.8720 resistance will indicate resumption of whole rise from 0.8201. Intraday bias will be back on the upside for 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857. On the downside, however, break of 0.8565 support will indicate rejection by 0.8720 and turn bias back to the downside.

In the bigger picture, focus is back on 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will argue that rise from 0.8201 is a medium term up trend, rather than a correction. Next target is 61.8% retracement at 0.9003. Rejection by 0.8697 again will maintain medium term bearishness, for extending the down trend from 0.9499 (2020 high) at a later stage.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8649; (P) 0.8672; (R1) 0.8695; More…

Intraday bias in EUR/GBP remains neutral for the moment. On the upside, firm break of 0.8720 resistance will indicate resumption of whole rise from 0.8201. Intraday bias will be back on the upside for 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857. On the downside, however, break of 0.8565 support will indicate rejection by 0.8720 and turn bias back to the downside.

In the bigger picture, focus is back on 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will argue that rise from 0.8201 is a medium term up trend, rather than a correction. Next target is 61.8% retracement at 0.9003. Rejection by 0.8697 again will maintain medium term bearishness, for extending the down trend from 0.9499 (2020 high) at a later stage.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8636; (P) 0.8679; (R1) 0.8708; More…

EUR/GBP retreated quickly after edging higher to 0.8721, and intraday bias is turned neutral first. On the upside, firm break of 0.8720 resistance will indicate resumption of whole rise from 0.8201. Intraday bias will be back on the upside for 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857. On the downside, however, break of 0.8565 support will indicate rejection by 0.8720 and turn bias back to the downside.

In the bigger picture, focus is back on 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will argue that rise from 0.8201 is a medium term up trend, rather than a correction. Next target is 61.8% retracement at 0.9003. Rejection by 0.8697 again will maintain medium term bearishness, for extending the down trend from 0.9499 (2020 high) at a later stage.