EUR/GBP’s rally extended to as high as 0.9317 last week and breached 0.9305 key resistance. Larger up trend is likely resuming. Initial bias stays on the upside this week. Next near term target is 100% projection of 0.8489 to 0.9051 from 0.8891 at 0.9453. On the downside, though, break of 0.9198 minor support will indicate short term topping and bring lengthier consolidations first.

In the bigger picture, up trend from 0.6935 (2015 low) should be resuming. Sustained break of 0.9305 will confirm and target t 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, in case of deep pull back.

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 0.8472 support holds, further rise should be seen through 0.9305 to 0.9799 and above down the road.

Daily Pivots: (S1) 0.8828; (P) 0.8855; (R1) 0.8881; More…

Intraday bias in EUR/GBP remains neutral first. Sustained break of 0.8876 will confirm resumption of rise from 0.8545. Next target is 61.8% retracement of 0.9276 to 0.8545 at 0.8997. Meanwhile , outlook will stay bullish as long as 55 day EMA (now at 0.8732) holds, in case of another retreat.

In the bigger picture, outlook is mixed for now as rise from 0.8545 would either be part of the up trend from 0.8201 (2022 low), or just a correction to 0.9267 (2022 high). As long as 55 week EMA (now at 0.8616) holds, the former case is in favor, and break of 0.9267 should be seen next as up trend resumes at a later stage. However, sustained break of 55 week EMA will shift favor to the latter case, for another decline back towards 0.8201.

Daily Pivots: (S1) 0.8480; (P) 0.8516; (R1) 0.8555; More…

With 0.8476 minor support intact, EUR?GBP’s rebound from 0.9276 could extend higher. Such rise is seen as correcting whole fall from 0.9324 and could target 38.2% retracement of 0.9324 to 0.8276 at 0.8676. On the downside, break of 0.8476 minor support will turn bias to the downside for retesting 0.8276 low instead.

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.

Daily Pivots: (S1) 0.8846; (P) 0.8871; (R1) 0.8908; More…

EUR/GBP’s rally from 0.8545 finally resumed by breaking through 0.8876 resistance. Intraday bias is back on the upside for further rally to 61.8% projection of 0.8545 to 0.8876 from 0.8768 at 0.8973. On the downside, below 0.8831 minor support will turn intraday bias neutral first. But near term outlook will stay bullish as long as 0.8768 support holds, in case of retreat.

In the bigger picture, with 55 week EMA (now at 0.8616) intact, the favored case is that rise from 0.8545 is part of the whole up trend from 0.8201 (2022 low). Sustained trading above 61.8% retracement of 0.9276 to 0.8545 at 0.8997 will pave the way to retest 0.9267 high next.

EUR/GBP rebounded strongly last week and the development suggests short term bottoming at 0.8401. Initial bias stays on the upside this week for 0.8656 resistance. Firm break there will argue that whole down trend from 0.9499 has completed. Stronger rise would be seen to 38.2% retracement of 0.9499 to 0.8401 at 0.8820. On the downside, break of 0.8459 minor support will bring retest of 0.8401 low instead.

In the bigger picture, price actions from 0.9499 (2020 high) are still seen as developing into a corrective pattern. Deeper fall could be seen as long as 0.8656 resistance holds, towards long term support at 0.8276. However, firm break of 0.8656 resistance would argue that a medium term bottom was already formed. Stronger rise would be seen to 0.8861 support turned resistance to confirm completion of the corrective pattern.

In the long term picture, outlook will stay bullish as long as 0.8276 support holds. Break of 0.9499 is in favor at a later stage, to resume the up trend from 0.6935 (2015 low).

Daily Pivots: (S1) 0.8811; (P) 0.8835; (R1) 0.8869; More…

Intraday bias in EUR/GBP remains neutral at this point. With 0.8796 minor support intact, further rise is expected in the cross. On the upside, break of 0.8890 will resume the rebound from 0.8620 and target 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963). However, break of 0.8796 will be the first sign that whole rebound from 0.8620 is completed. That will bring deeper fall to 0.8724 support for confirmation.

In the bigger picture, EUR/GBP is staying in 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.

Daily Pivots: (S1) 0.9133; (P) 0.9161; (R1) 0.9210; More…

Intraday bias in EUR/GBP remains on the upside at this point. Current rally should target 0.9305 key resistance next. On the downside, below 0.9086 minor support will turn intraday bias neutral first. But retreat should be contained above 0.8891 support to bring another rally.

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) 0.8543; (P) 0.8649; (R1) 0.8759; More…

A temporary top is formed at 0.8591 in EUR/GBP and intraday bias is turned neutral first. Further rise is still in favor as long as 0.8476 minor support holds. Above 0.8591 will target 38.2% retracement of 0.9324 to 0.8276 at 0.8676. On the downside, break of 0.8476 minor support will turn bias to the downside for retesting 0.8276 low instead.

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.

Daily Pivots: (S1) 0.8960; (P) 0.8996; (R1) 0.9014; More…

Intraday bias in EUR/GBP remains neutral for the moment as consolidation from 0.9175 is still expected. On the upside, break of 0.9175 will resume larger rise from 0.8670, towards 0.9499 high). However, break of 0.8930 support will also come with firm break of 55 day EMA. That would argue that rebound from 0.8670 has completed. In this case, intraday bias will be turned to the downside for 0.8864 support for confirmation.

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) 0.8528; (P) 0.8546; (R1) 0.8558; More…

Intraday bias in EUR/GBP stays neutral for the moment, and further decline is expected with 0.8592 resistance holds. Decisive break of 0.8502 will resume larger down trend. Next target is 61.8% projection of 0.8874 to 0.8502 from 0.8667 at 0.8437. On the upside, above 0.8592 minor resistance will mix up the outlook and extend sideway trading from 0.8502.

In the bigger picture, the down trend from 0.9267 (2022 high) is seen as part of the long term range pattern from 0.9499 (2020 high). Further decline is in favor as long as 0.8667 resistance holds. Break of 0.8502 will resume the fall towards 0.8201 (2022 low).

Daily Pivots: (S1) 0.8512; (P) 0.8531; (R1) 0.8561; More…

Intraday bias in EUR/GBP remains neutral but further rise is expected with 0.8487 minor support intact. On the upside, firm break of 0.8593 resistance will be the first sign of larger bullish reversal and target 0.8656 resistance next. On the downside, however, break of 0.8487 will turn bias back to the downside to retest 0.8379 low instead.

In the bigger picture, price actions from 0.9499 (2020 high) are still seen as developing into a corrective pattern. Deeper fall could be seen as long as 0.8593 resistance holds, towards long term support at 0.8276. We’d look for bottoming signal around there to bring reversal. Meanwhile, firm break of 0.8593 will now be an early sign of medium term bottoming. Further break of 0.8656 will pave the way to 38.2% retracement of 0.9499 to 0.8379 at 0.8807.

Daily Pivots: (S1) 0.8544; (P) 0.8570; (R1) 0.8617; More…

Intraday bias in EUR/GBP remains neutral for the moment. Further rise is expected as long as 0.8484 support holds. Break of 0.8720 and sustained trading above 0.8697 medium term fibonacci level will carry larger bullish implication. Next target is 0.9003 fibonacci level. However, break of 0.8484 will indicate rejection by 0.8697 and turn near term outlook bearish.

In the bigger picture, rise from 0.8201 medium term bottom could could either be a correction to the down trend from 0.9499 (2020 high), or a medium term up trend itself. Sustained break of 38.2% retracement of 0.9499 to 0.8201 at 0.8697 will affirm the latter case, and pave the way to 61.8% retracement at 0.9003. However, rejection by 0.8697 will maintain medium term bearishness.

Daily Pivots: (S1) 0.8758; (P) 0.8823; (R1) 0.8855; More…

Intraday bias in EUR/GBP remains on the downside at this point. Rebound from 0.8545 might have completed at 0.8977 already. Further fall would be seen to 0.8720 support first. Break there will bring deeper decline to retest 0.8545. For now, risk will stay on the downside as long as 0.8927 resistance holds, in case of recovery.

In the bigger picture, focus is back on 55 day EMA (now at 0.8804). Sustained trading below there will argue that fall from 0.9267 is in progress. Such decline is seen as a leg inside long term range pattern from 0.9499 (2020 high). Break of 0.8545 will pave the way back to 0.8201 (2022 low).

Daily Pivots: (S1) 0.8408; (P) 0.8433; (R1) 0.8449; More…

Intraday bias in EUR/GBP remains on the downside as fall from 0.8595 is in progress. Corrective rise from 0.8726 should have completed. Further fall would be seen to retest 0.8726 low. Break will resume larger down trend from 0.9324. On the upside, above 0.8457 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 0.8595 resistance holds, in case of recovery.

In the bigger picture, decline from 0.9324 medium term top is till 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.

EUR/GBP rebounded to as high as 0.8722 last week. But it was rejected by 55 day EMA and quickly reversed. Initial bias is neutral this week first for some consolidative trading. On the downside, break of 0.8474 low will resume recent down trend and target 0.8416 long term projection next. On the upside, though, break of 0.8722 will resume the rebound from 0.8474 to 0.8840 resistance first.

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.

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 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.

After all the volatility, EUR/GBP remains bounded in consolidation from 0.8957. There is no clear sign of breakout yet. Initial bias stays neutral this week for more range trading. As long as 0.8815 support holds, outlook remains bearish and further rise is expected in the cross. On the upside, decisive break of 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963) should confirm completion of whole decline from 0.9305. EUR/GBP should then target 61.8% retracement at 0.9043 next.

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.

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) 0.8894; (P) 0.8935; (R1) 0.8963; More…

Intraday bias in EUR/GBP remains on the downside at this point. Fall from 0.9051 short term top is seen as correcting rise from 0.8489. Break of EMA (now at 0.8891) will target 38.2% retracement of 0.8489 to 0.9051 at 0.8836. On the upside, above 0.8954 will turn intraday bias first. But deeper pull back would remain in favor as long as 0.9051 resistance holds.

In the bigger picture, medium term decline from 0.9305 (2017 high) is seen as a corrective move. No change in this view. Current development argues that it might have completed with three waves down to 0.8472, just ahead of 38.2% retracement of 0.6935 (2015 low) to 0.9306 at 0.8400, after hitting 55 month EMA (now at 0.8545). Decisive break of 0.9101 resistance will confirm this bullish case. However, firm break of 55 week EMA (now at 0.8805) would possibly extend the correction another another fall to below 0.8472 before completion.

Daily Pivots: (S1) 0.8826; (P) 0.8845; (R1) 0.8860; More…

Intraday bias in EUR/GBP remains neutral for consolidation below 0.8901 temporary top. Further rally is expected with 0.8808 minor support intact. On the upside, break of 0.8901 will resume the whole rise from 0.8620 and target 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963). However, break of 0.8808 support will be the first sign that whole rebound from 0.8620 is completed. Deeper fall would then be seen to 0.8724 support for confirmation.

In the bigger picture, EUR/GBP is staying in 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.

EUR/GBP’s decline from 0.8977 continued last week and hit as low as 0.8520 so far. Initial bias is on the downside this week. Next target is 161.8% projection of 0.8977 to 0.8717 from 0.8874 at 0.8453. However, break of 0.8611 resistance will indicate short term bottoming, and turn bias back to the upside for stronger rebound.

In the bigger picture, the down trend from 0.9267 (2022 high) is still in progress. It’s seen as part of the long term range pattern from 0.9499 (2020 high). Deeper fall would be seen towards 0.8201 (2022 low). But strong support should be seen from there to bring reversal. This will now remain the favored case as long as 0.8717 support turned resistance holds.

In the long term picture, long term range pattern is extending. But rise from 0.6935 (2015 low) is expected to extend at a later stage, to 0.9799 (2009 high).

Daily Pivots: (S1) 0.8569; (P) 0.8589; (R1) 0.8605; More…

EUR/GBP dips mildly mildly today but stays in established range. Outlook is unchanged. On the downside, below 0.8543 will target a test on 0.8502 low. Decisive break there will resume larger decline from 0.8977. On the upside firm break of 0.8717 resistance will suggest larger reversal and target 0.8874 resistance next.

In the bigger picture, the down trend from 0.9267 (2022 high) is seen as part of the long term range pattern from 0.9499 (2020 high). Firm break of 0.8717 support turned resistance will argue that it has completed with three waves down to 0.8502. Further break of 0.8977 will bring retest of 0.9267 high. Nevertheless, rejection by 0.8717, followed by break of 0.8502 will resume the decline towards 0.8201 (2022 low).