EUR/GBP stayed in consolidation below 0.8668 last week. Initial bias remains neutral this week first, and further rise is expected as long as 0.8573 resistance turned support holds. Above 0.8668 will resume the rally from 0.8354 to retest 0.8737 high.

In the bigger picture, the structure from 0.8221 medium term bottom are not impulsive enough to suggest that it’s reversing the down trend from 0.9267 (2022 high). But even if it’s a correction, firm break of 0.8737 will still pave the way to 61.8% retracement of 0.9267 to 0.8221 at 0.8867.

In the long term picture, price action from 0.9499 (2020 high) is seen as part of the long term range pattern from 0.9799 (2008 high). Range trading should continue between 0.8201 and 0.9499, until there is clear signal of imminent breakout.

Daily Pivots: (S1) 0.8606; (P) 0.8620; (R1) 0.8630; More…

Intraday bias in EUR/GBP remains neutral for consolidations below 0.8668. Further rise is expected as long as 0.8506 support holds. Above 0.8668 will target a retest on 0.8737 high. Decisive break there will resume the whole rise from 0.8221 low.

In the bigger picture, the structure from 0.8221 medium term bottom are not impulsive enough to suggest that it’s reversing the downside from 0.9267 (2022 high). But even if it’s a correction, firm break of 0.8737 will still pave the way to 61.8% retracement of 0.9267 to 0.8221 at 0.8867.

Daily Pivots: (S1) 0.8565; (P) 0.8581; (R1) 0.8605; More…

Intraday bias in EUR/GBP remains on the upside as rise from 0.8354 is in progress. Sustained trading above 61.8% retracement of 0.8737 to 0.8354 at 0.8591 will extend the rally from 0.8354 to 0.8737 high. However, firm break of 0.8506 support will suggest rejection by 0.8591, and turn bias back to the downside instead.

In the bigger picture, price actions from 0.8221 medium term bottom are seen as forming a corrective pattern to the down trend from 0.9267 (2022 high). Nevertheless, there is no clear momentum to break through 0.8201 key support (2022 low) yet. Hence, range trading is expected between 0.8221/8737 for now.

Daily Pivots: (S1) 0.8409; (P) 0.8429; (R1) 0.8441; More….

Intraday bias in EUR/GBP remains neutral for the moment. Consolidation from 0.8382 might extend with stronger recovery. But outlook continues to stay bearish with 0.8498 resistance intact. Firm break of 0.8382 will resume larger down trend next target will be 138.2% projection of 0.8764 to 0.8497 from 0.8463 at 0.8274.

In the bigger picture, down trend from 0.9267 (2022 high) is in progress. Next target is 0.8201 key support (2022 low). For now, outlook will remain bearish as long as 0.8643 resistance holds, even in case of strong rebound.

Daily Pivots: (S1) 0.8392; (P) 0.8417; (R1) 0.8430; More…

Intraday bias in EUR/GBP remains neutral and more consolidations could be seen above 1.8401. Another fall is expected as long as 0.8539 resistance holds. As noted before, rebound from 0.8221 might have completed as a corrective move. Break of 0.8401 will target retest of 0.8221/8239 support zone.

In the bigger picture, the extended decline from 0.8737 dampened the original bullish view. While a medium term bottom was in place at 0.8221, price actions from there could be a corrective pattern only. Larger down trend from 0.9267 (2022 high) might still be in progress. Sustained trading below 55 W EMA (now at 0.8438) will turn favor to this bearish case.

Daily Pivots: (S1) 0.9030; (P) 0.9087; (R1) 0.9117; More…

A temporary top is formed at 0.9175 in EUR/GBP, after failing to break through 61.8% retracement of 0.9499 to 0.8670 at 0.9182. Intraday bias is turned neutral first. On the upside, sustained trading above 0.9001 will pave the way to retest 0.9499 high. On the downside, however, break of 0.9001 will argue that whole rebound from 0.8670 has completed. Intraday bias will be turned back to the downside for 0.8864 support and below.

In the bigger picture, while the pull back from 0.9499 was deep, there is no sign of trend reversal yet. The up trend from 0.6935 (2015 low) should resume at a later stage to 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. This will remain the favored case as long as 0.8276 support holds.

Daily Pivots: (S1) 0.8503; (P) 0.8526; (R1) 0.8566; More…

EUR/GBP’s rise from 0.8338 continues today and the break of near term channel resistance is a sign of upside acceleration. Intraday bias stays on the upside for 0.8585 resistance first. Decisive break there should confirm that whole pattern from 0.8720 has completed, and bring further rally to retest this high. On the downside, below 0.8520 minor support will mix up the outlook and turn intraday bias neutral first.

In the bigger picture, medium term bearishness is maintained with prior rejection by 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Break of 0.8201 will resume larger down trend from 0.9499 (2020 high). Nevertheless, sustained break of 0.8697 will affirm the case that rise from 0.8201 is a medium term up trend itself.

After deeper than expected pull back, EUR/GBP’s rebound resumed by breaking 0.8790 last week. The development affirmed the case of near term reversal. That is, decline from 0.9305 has completed at 0.8620. Initial bias remains on the upside this week for 0.8967 cluster resistance next (50% retracement of 0.9305 to 0.8620 at 0.8963). Break will confirm this view and target retesting 0.9305. On the downside, below 0.8679 will turn bias to the downside for 0.8620 instead.

In the bigger picture, for now, the decline from 0.9305 is seen as a leg inside the long term consolidation pattern from 0.9304 (2016 high). Such consolidation pattern could extend further. Hence, in case of strong rally, we’d be cautious on strong resistance by 0.9304/5 to limit upside. Meanwhile, in another decline attempt, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside.

In the long term picture, we’re holding on to the view that rise from 0.6935 (2015 low) is resuming the up trend from 0.5680 (2000 low). Hence, after the consolidation from 0.9304 completes, we’d expect another medium term up trend through 0.9799 to 100% projection of 0.5680 to 0.9799 from 0.6935 at 1.1054.

Daily Pivots: (S1) 0.8661; (P) 0.8671; (R1) 0.8682; More…

Intraday bias in EUR/GBP is turned neutral with current retreat. On the upside, above 0.8711 will resume the rebound from 0.8595 to retest 0.8752 resistance. Firm break there will resume whole rally from 0.8221 to 0.8867 fibonacci level. On the downside, though, below 0.8636 support will turn bias back to the downside for 0.8595 instead.

In the bigger picture, the structure from 0.8221 medium term bottom are not impulsive enough to suggest that it’s reversing the down trend from 0.9267 (2022 high). But even if it’s a correction, further rise could still be seen to 61.8% retracement of 0.9267 to 0.8221 at 0.8867. Nevertheless, sustained trading below 55 W EMA (now at 0.8513) will argue that the pattern has completed and bring retest of 0.8221 low.

Daily Pivots: (S1) 0.8876; (P) 0.8906; (R1) 0.8932; More…

EUR/GBP’s corrective recovery from 0.8786 might extend higher. But based on current momentum, upside should be limited by 55 day EMA (now at 0.8953). On the downside, firm break of 61.8% retracement of 0.8472 to 0.9324 at 0.8797 will resume the decline form 0.9324 and target 0.8472 low.

In the bigger picture, the failure to sustain above 0.9305 (2017 high) suggests that consolidation from there is extending. Breach of 0.8472 cannot be ruled out but downside should be contained by 38.2% retracement of 0.6935 (2015 low) to 0.9305 at 0.8400. On the upside, firm break of 0.9327 will confirm up trend resumption.

Daily Pivots: (S1) 0.8380; (P) 0.8406; (R1) 0.8426; More…

Outlook in EUR/GBP remains unchanged for now. Corrective rise from 0.8276 has completed at 0.8595, after rejection by 55 day EMA. On the downside, below 0.8386 will turn bias to the downside for retesting 0.8276 low first. Break will resume larger fall from 0.9324. On the upside, break of 0.8487 will dampen this bearish view and turn focus back to 0.8595 resistance instead.

In the bigger picture, decline from 0.9324 medium term top is still in progress. As long as 0.8786 support turned resistance holds, further fall is expected to 61.8% retracement of 0.6935 to 0.9324 at 0.7848. Nevertheless, break of 0.8786 will argue that fall from 0.9324 has completed and turn focus back to this high.

Daily Pivots: (S1) 0.8805; (P) 0.8815; (R1) 0.8833; More…

EUR/GBP’s decline resumes today and accelerates to as low as 0.8751 so far. Price actions from 0.9291 are seen as the third leg of the corrective pattern from 0.9499. Intraday bias is now on the downside for 0.8670 support first. Break will target 161.8% projection of 0.9291 to 0.8861 from 0.9229 at 0.8533. On the upside, break of 0.8838 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.

In the bigger picture, we’re seeing the price actions from 0.9499 as developing into a corrective pattern. That is, up trend from 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds. Decisive break of 0.9499 will target 0.9799 (2008 high).

Daily Pivots: (S1) 0.8700; (P) 0.8719; (R1) 0.8741; More…

Intraday bias in EUR/GBP is neutral for now as it’s lacking a direction. On the upside, above 0.8749 will reaffirm the strong support from 0.8686 and turn bias to the upside for 0.8796. Break there will target 61.8% retracement of 0.8967 to 0.8666 at 0.8852 and above. On the downside, decisive break of 0.8666 will resume whole fall from 0.9305. In that case, EUR/GBP should target 0.8303 key support next. On the upside, above 0.8749 will reaffirm the strong support from 0.8686 and turn bias to the upside for 0.8796. Break there will target 61.8% retracement of 0.8967 to 0.8666 at 0.8852 and above.

In the bigger picture, there are various ways to interpret price actions from 0.9304 high. But after all, firm break of 0.9304/5 is needed to confirm up trend resumption. Otherwise, range trading will continue with risk of deeper fall. And in that case, EUR/GBP could have a retest on 0.8303. But we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside.

Daily Pivots: (S1) 0.8612; (P) 0.8630; (R1) 0.8651; More…

EUR/GBP dips notably today but stays above 0.8595 temporary low. Intraday bias stays neutral for the moment. On the upside, break of 0.8652 will suggest that the corrective pattern from 0.8752 has completed after drawing support from 38.2% retracement of 0.8354 to 0.8752 at 0.8600, and retain near term bullishness. Intraday bias will be back on the upside for retesting 0.8752 high next. However, sustained break of 0.8600 will indicate near term bearish reversal and target 61.8% retracement at 0.8506.

In the bigger picture, the structure from 0.8221 medium term bottom are not impulsive enough to suggest that it’s reversing the down trend from 0.9267 (2022 high). But even if it’s a correction, further rise is expected to 61.8% retracement of 0.9267 to 0.8221 at 0.8867. This will remain the favored case as long as 55 W EMA (now at 0.8501) holds.

Daily Pivots: (S1) 0.8394; (P) 0.8426; (R1) 0.8447; More…

Intraday bias in EUR/GBP remains on the downside for the moment. Current development suggests that whole rebound from 0.8221 has completed as a corrective move. Further decline should be seen back to 0.8221/8239 support zone. For now, risk will stay on the downside as long as 0.8539 resistance holds, in case of recovery.

In the bigger picture, the extended decline from 0.8737 dampened the original bullish view. While a medium term bottom was in place at 0.8221, price actions from there could be a corrective pattern only. Larger down trend from 0.9267 (2022 high) might still be in progress. Sustained trading below 55 W EMA (now at 0.8438) will turn favor to this bearish case.

Daily Pivots: (S1) 0.8875; (P) 0.8914; (R1) 0.8954; More…

EUR/GBP’s fall from 0.9101 extends to as low as 0.8875 so far. The break of 0.8927 support indicates near term reversal. Intraday bias remains on the downside for 61.8% retracement of 0.8655 to 0.9101 at 0.8825. Sustained break there will pave the way back to 0.8655 support. On the upside, above 0.8952 minor resistance will turn intraday bias neutral first. But risks will stay on the downside as long as 0.9101 resistance holds.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). The medium term range is set between 0.8620 and 0.9101. Downside break out of 0.8620 will pave the way back to 0.8302/12 support zone. Break of 0.9101 will bring retest of 0.9304/5 resistance.

Daily Pivots: (S1) 0.9191; (P) 0.9228; (R1) 0.9250; More…

EUR/GBP continues to lose upside momentum but further rise is still expected to 0.9305 key resistance next. On the downside, though, break of 0.9155 minor support will suggest short term topping. Intraday bias will be turned back to the downside for pull back into 0.8891/9051 support zone first.

In the bigger picture, current development confirms that corrective fall from 0.9305 (2017 high) has completed with three waves down to 0.8472. And, up trend from 0.6935 (2015 low) is ready to resume. Break of 0.9305 will target 0.9799 (2008 high) and then 61.8% projection of 0.6935 to 0.9305 from 0.8472 at 0.9937. In any case, medium term outlook will remain bullish as long as 0.8472 support holds.

Daily Pivots: (S1) 0.8363; (P) 0.8400; (R1) 0.8424; More…

Intraday bias in EUR/GBP remains neutral for the moment. On the upside, above 0.8456 will target 0.8476 structural resistance first. Firm break there will carry larger bullish implication and target 0.8598 resistance next. However, on the downside, break of 0.8315 minor support will retain near term bearishness, and bring retest of 0.8201 low.

In the bigger picture, the down trend from 0.9499 is expected to continue as long as 0.8476 resistance holds. Sustained trading below 0.8276 support will argue that the whole up trend from 0.6935 (2015 low) has reversed. Deeper fall should be seen to 61.8% retracement of 0.6935 to 0.9499 at 0.7917 next. However, firm break of 0.8476 will indicate medium term bottoming at least. Focus will be back on 55 week EMA (now at 0.8523) for more evidence of bullish reversal.

Daily Pivots: (S1) 0.8976; (P) 0.9001; (R1) 0.9031; More…

EUR/GBP rises to as high as 0.9026 but it’s still limited below 0.9030 resistance. Intraday bias remains neutral at this point. Consolidation from 0.9030 might still extend with another fall. But even in that case, downside should be contained by 0.8854 support to bring rally resumption. On the upside, firm break of 61.8% retracement of 0.9305 to 0.8620 at 0.9043 will pave the way to retest 0.9305 key resistance. However, sustained break of 0.8854 will indicate near term reversal and turn outlook bearish.

In the bigger picture, EUR/GBP is staying in long term range pattern from 0.9304 (2016 high). The corrective structure of the fall from 0.9305 to 0.8620 is raising the chance that rise from 0.8312 to 0.9305 is an impulsive move. But we’re not too confident on it yet. In any case, we’d stay cautious on strong resistance from 0.9304/5 to limit upside in case of further rally. Meanwhile, if there is another medium term decline, strong support will likely be seen from 0.8303 to contain downside.

Daily Pivots: (S1) 0.8545; (P) 0.8554; (R1) 0.8569; More…

Intraday bias in EUR/GBP remains neutral for the moment. On the downside, firm break of 0.8529 support will argue that the corrective recovery from 0.8497 has completed at 0.8601. Intraday bias will be back on the downside for retesting 0.8497 low next. On the upside, break of 0.8601 will resume the rebound instead.

In the bigger picture, there is no clear sign that down trend from 0.9267 has completed, despite loss of downside momentum as seen in D MACD. As long as 0.8713 resistance holds, the down trend will remain in favor to resume through 0.8491 low at la later stage.