Mon, Nov 30, 2020 @ 20:54 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.9129; (P) 0.9173; (R1) 0.9210; More…

Intraday bias in EUR/GBP remains neutral as consolidation from 0.9291 is extending. Further rise is expected with 0.9067 support intact. On the upside, break of 0.9291 will resume whole rally from 0.8670. Intraday bias will be turned to the upside for 100% projection of 0.8670 to 0.9175 from 0.8866 at 0.9371. However, sustained break of 0.9067 will dampen this bullish view and turn bias to the downside for 0.8866 support instead.

In the bigger picture, at this point, we’re still seeing the fall from 0.9499 as developing into a corrective pattern. That is, up trend form 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).

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8688; (P) 0.8735; (R1) 0.8788; More…

Despite spiking higher to 0.8847, EUR/GBP quickly retreated. Intraday bias is neutral first with focus on 0.8786 resistance. At this point, we’d still expect strong resistance from 0.8786 to complete the corrective rise from 0.8276. Break of 0.8621 support will turn bias back to the downside for retesting 0.8276 low. However, sustained break of 0.8786 will indicate near term bullishness for 61.8% retracement of 0.9324 to 0.8276 at 0.8924 next.

In the bigger picture, there are various interpretations on the price actions from 0.9324. It could be the third leg of the pattern from 0.9799 (2008 high). Or it could just be correcting the rise from 0.6935 (2015 low) to 0.9324. But in any case, as long as 0.8786 support turned resistance holds, further decline is expected to 61.8% retracement of 0.6935 to 0.9324 at 0.7848 next. Firm break of 0.8786, however, will bring retest of 0.9324 high.

EUR/GBP Weekly Outlook

EUR/GBP edged higher to 0.8840 last week but quickly retreated. Initial bias is turned neutral this week first. As long as 0.8728 support holds, further rise is still in favor. On the upside, break of 0.8840 will extend the rebound from 0.8617 to 61.8% retracement of 0.9101 to 0.8617 at 0.8916. Break will pave the way back to 0.9101 key resistance. On the downside, however, firm break of 0.8728 will argue that rebound from 0.8617 has completed. Intraday bias will be turned back to the downside for this low.

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 breakout of 0.8620 will pave the way back to 0.8312 support . Break of 0.9101 will bring retest of 0.9304/5 resistance.

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). As long as 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) holds, further rise should be seen through 0.9305 to 0.9799 and above down the road.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8619; (P) 0.8682; (R1) 0.8714; More…

A temporary top is formed at 0.8744 in EUR/GBP and intraday bias is turned neutral first. At this point, price actions from 0.8726 are viewed as a consolidation pattern. Larger outlook remains bearish with 0.8786 resistance intact. On the downside, break of 0.8594 minor support will turn bias back to the downside for retesting 0.8276 low. However, sustained break of 0.8786 will indicate near term bullishness for 61.8% retracement of 0.9324 to 0.8276 at 0.8924 next.

In the bigger picture, there are various interpretations on the price actions from 0.9324. It could be the third leg of the pattern from 0.9799 (2008 high). Or it could just be correcting the rise from 0.6935 (2015 low) to 0.9324. But in any case, as long as 0.8786 support turned resistance holds, further decline is expected to 61.8% retracement of 0.6935 to 0.9324 at 0.7848 next. Firm break of 0.8786, however, will bring retest of 0.9324 high.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8397; (P) 0.8453; (R1) 0.8550; More…

Intraday bias in EUR/GBP stays neutral first. We’d still expect upside to be limited by 0.8508 to bring fall resumption. On the downside, below 0.8276 will resume the decline from 0.9324 and target 161.8% projection of 0.9324 to 0.8786 from 0.9019 at 0.8149 next. However, firm break of 0.8508 will indicate short term bottoming and bring stronger rebound to 55 day EMA (now at 0.8594).

In the bigger picture, fall from 0.9324 medium term top is still in progress. 38.2% retracement of 0.6935 to 0.9324 at 0.8411 was firmly taken out. Further decline should now be seen to 61.8% retracement at 0.7848 next. In any case, further decline would remain in favor as long as 0.8786 support turned resistance holds, even in case of strong rebound.

EUR/GBP Daily Outlook

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

Intraday bias in EUR/GBP remains neutral first. Further rise is in favor as long as 0.9901 support holds. On the upside firm break of 61.8% retracement of 0.9499 to 0.8670 at 0.9182 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.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8868; (P) 0.8903; (R1) 0.8943; More…

EUR/GBP is still bounded in range trading below 0.9054 and intraday bias remains neutral. Further rise will be mildly in favor as long as 0.8866 minor support holds. On the upside, above 0.9054 will extend the rebound from 0.8670 to 61.8% retracement of 0.9499 to 0.8670 at 0.9182. However, firm break of 0.8866 will indicate completion of the rise from 0.8670. Intraday bias will be turned back to the downside for retesting 0.8670 support.

In the bigger picture, while the pull back from 0.9499 is 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.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8842; (P) 0.8889; (R1) 0.8932; More…

Intraday bias in EUR/GBP remains mildly on the upside for the moment. Rebound from 0.8786 short term bottom is targeting 55 day EMA (now at 0.8957). Sustained break will pave the way back to retest 0.9324 high. On the downside, however, firm break of 61.8% retracement of 0.8472 to 0.9324 at 0.8797 will 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.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8587; (P) 0.8614; (R1) 0.8636; More…

EUR/GBP’s consolidation from 0.8474 is still extending. Intraday bias stays neutral and more sideway trading could be seen. But as long as 0.7822 resistance holds, near term outlook remains bearish. On the downside, firm break of 0.8474 will resume larger down trend for 0.8416 long term projection next. On the upside, though, sustained break of 0.8722 will suggest near term reversal and bring stronger rise back to 0.8840 resistance and above.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Current fall from 0.9305 (2017 high) is a falling leg inside the pattern. Such decline could extend to 100% projection of 0.9305 to 0.8620 from 0.9101 at 0.8416 and possibly below. But for now, we’d expect strong support around 0.8312 support to contain downside and bring rebound.

EUR/GBP Mid-Day Outlook

Daily Pivots: (S1) 0.8779; (P) 0.8899; (R1) 0.8968; More…

EUR/GBP drops sharply to as low as 0.8719 and strong break of 0.8786 support indicates resumption of fall from 0.9324. Intraday bias stays on the downside and further fall should be seen to 0.8427 low. On the upside, above 0.8830 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 0.9019 resistance holds.

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.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8800; (P) 0.8831; (R1) 0.8879; More

At this point, intraday bias in EUR/GBP remains neutral as it’s bounded in range below 0.8865. On the upside, decisive break of 0.8851/65 resistance zone will pave the way to retest 0.9304 high. In case of another fall, downside should be contained by 0.8639 support to bring rebound. However, break of 0.8639 support will now indicate near term topping and bring deeper pull back 0.8529 resistance turned support and below.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. The leg from 0.9304 should have completed after testing 0.8332 structural support. But it’s too early to say that larger rise from 0.6935 is resuming. Rejection from 0.9304 will extend the consolidation with another falling leg. Meanwhile, firm break of 0.9304 will target 0.9799 (2008 high). In case of another decline, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside and bring rebound.

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8915; (P) 0.8941; (R1) 0.8957; More

EUR/GBP is still bounded in range of 0.8732/9032 and intraday bias remains neutral. With 0.9032 resistance intact, deeper decline is mildly in favor in the cross. Break of 0.8732 will resume the fall from 0.9305 and target 0.8303 key support level. However, on the upside, decisive break of 0.9032 will confirm completion of the decline from 0.9305. In such case, intraday bias will be turned back to the upside for retesting 0.9305 key resistance.

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.

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8670; (P) 0.8705; (R1) 0.8727; More…

EUR/GBP’s decline from 0.9499 could still extend with 0.8863 minor resistance holds. Deeper fall might be seen to 0.8276/82 key support zone. On the upside, though, break of 0.8863 minor resistance will indicate short term bottoming and bring rebound.

In the bigger picture, up trend from 0.6935 (2015 ) should still be in progress. Next target is 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. Initial resistance could be seen around there as it’s close to 0.9799 (2008 high). In any case, medium term outlook will stay bullish as long as 0.8276 support holds, even in case of deep pull back.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8776; (P) 0.8792; (R1) 0.8815; More…

Intraday bias in EUR/GBP remains neutral for consolidation above 0.8722. With 0.8847 support turned resistance intact, further fall is expected. On the downside, break of 0.8772 will target 0.8620 low first. Decisive break there will resume whole down trend from 0.9304. In that case, next target will be 100% projection of 0.9305 to 0.8620 from 0.9097 at 0.8412.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Current development suggests that fall from 0.9303, as a down leg in the pattern, is still in progress. But in case of deeper fall, downside should be contained by 0.8116 cluster support, 50% retracement of 0.6935 (2015 low) to 0.9304 at 0.8120, to bring rebound.

EUR/GBP Weekly Outlook

EUR/GBP dropped sharply to as low as 0.8312 last week but formed a temporary low ahead of 0.8303 low and recovered. Nonetheless, the development still suggests that larger correction from 0.9304 is resuming and further fall is expected through 0.8303 low ahead.

EUR/GBP 4 Hours Chart

Initial bias in EUR/GBP is neutral this week for consolidation above 0.8312 temporary low first. Upside of recovery should be limited by 0.8511 resistance and bring another decline. Below 0.8303 will extend the fall from 0.9304 to 0.8116/20 cluster support. As decline from 0.9304 is seen as a corrective move, we’d expect strong support around 0.8116/20 to contain downside and completion such correction. Meanwhile, on the upside, break of 0.8511 will turn bias back to the upside for 0.8786 resistance instead.

EUR/GBP Daily Chart

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. Such decline is likely ready to resume and should make a new low below 0.8303. At this point, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside. Rise from 0.6935 (2015 low) will resume at a later stage to 0.9799 (2008 high). However, sustained break of 0.8116 could bring deeper decline to next key support level at 0.7564 before the correction completes.

EUR/GBP Weekly Chart

In the long term picture, firstly, price action from 0.9799 (2008 high) is seen as a long term corrective pattern and should have completed at 0.6935 (2015 low). Secondly, rise from 0.6935 is likely resuming up trend from 0.5680 (2000 low). Thirdly, this is supported by the impulsive structure of the rise from 0.6935 to 0.9304. Hence, after the correction from 0.9304 completes, we’d expect another medium term up trend to target 0.9799 high and above.

EUR/GBP Monthly Chart

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8637; (P) 0.8659; (R1) 0.8697; More…

Intraday bias in EUR/GBP remains neutral at this point. Price actions from 0.8726 are viewed as a consolidation pattern. Larger outlook remains bearish with 0.8786 resistance intact. On the downside, break of 0.8594 minor support will turn bias back to the downside for retesting 0.8276 low. However, sustained break of 0.8786 will indicate near term bullishness for 61.8% retracement of 0.9324 to 0.8276 at 0.8924 next.

In the bigger picture, there are various interpretations on the price actions from 0.9324. It could be the third leg of the pattern from 0.9799 (2008 high). Or it could just be correcting the rise from 0.6935 (2015 low) to 0.9324. But in any case, as long as 0.8786 support turned resistance holds, further decline is expected to 61.8% retracement of 0.6935 to 0.9324 at 0.7848 next. Firm break of 0.8786, however, will bring retest of 0.9324 high.

EUR/GBP Mid-Day Outlook

Daily Pivots: (S1) 0.9027; (P) 0.9043; (R1) 0.9066; More

EUR/GBP’s rally continues today and reaches as high as 0.9082 so far. Intraday bias remains on the upside. Current rise from 0.8312 should extend towards 0.9304 key high. At this point, there is no clear sign of up trend resumption yet. Hence, we’ll be cautious on strong resistance from 0.9304 to limit upside and bring another fall. On the downside, below 0.8995 minor support will turn intraday bias neutral and bring consolidation before staging another rise.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. It’s uncertain whether it is finished yet. But in case of another fall, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside and bring rebound. Whole up trend from 0.6935 is expected to resume after consolidation from 0.9304 completes.

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8806; (P) 0.8828; (R1) 0.8856; More…

EUR/GBP’s corrective rise from 0.8722 is still in progress and could extend to 38.2% retracement of 0.9097 to 0.8722 at 0.8865. Break will pave the way to 61.8% retracement at 0.8954 and above. On the downside, however, break of 0.8798 minor support will turn bias back to the downside for 0.8722 and possibly below.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Current development suggests that fall from 0.9303, as a down leg in the pattern, is still in progress. But in case of deeper fall, downside should be contained by 0.8116 cluster support, 50% retracement of 0.6935 (2015 low) to 0.9304 at 0.8120, to bring rebound. On the upside, break of 0.9097 will target 0.9304 resistance instead.

EUR/GBP Weekly Outlook

EUR/GBP’s decline last week suggests that corrective rebound form 0.8670 has completed with three waves up to 0.9175. That came after missing 61.8% retracement of 0.9499 to 0.8670 at 0.9182. Initial bias stays on the downside this week for 0.8864 support first. Break will confirm this case and target a test on 0.8670 low. On the upside, though, break of 0.9067 will turn bias back to the upside for retesting 0.9175 instead.

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.

In the long term picture, rise from 0.6935 (2015 low) is still in progress. It could be resuming long term up trend from 0.5680 (2000 low). Decisive break of 0.9799 will target 100% projection of 0.5680 to 0.9799 from 0.6935 at 1.1054.

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8437; (P) 0.8478; (R1) 0.8499; More

EUR/GBP’s break of 0.8469 support indicates resumption of fall from 0.8851. This is in line with our view that fall from 0.8851 is the third leg of the corrective pattern from 0.9304. Intraday bias is now back on the downside for 0.8303 low next. Break will extend the fall from 0.9304 to 0.8116 key cluster support level. On the upside, above 0.8550 minor resistance will turn bias neutral first. But outlook will stay bearish as long as 0.8643 resistance holds.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. Deeper fall cannot be ruled out yet. 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. Overall, the corrective pattern would take some time to complete before long term up trend resumes at a later stage. Break of 0.9304 will pave the way to 0.9799 (2008 high).

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart

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