EUR/GBP dropped sharp to 0.8529 last week and took out 0.8620 key support. The development suggests resumption larger decline from 0.9305. As a temporary low is in place, initial bias is neutral this week for some consolidations first. Upside of recovery should be limited well below 0.8840 resistance to bring fall resumption. On the downside, break of 0.8529 will target long term projection target at 0.8416 next.

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 seen a a falling leg inside the pattern. Such decline is now targeting 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 050% 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.

Daily Pivots: (S1) 0.8796; (P) 0.8806; (R1) 0.8823; More…

Intraday bias in EUR/GBP is turned neutral with 4 hour MACD crossed below signal line. On the upside, decisive break of 08827 resistance will argue that whole decline from 0.9267 has completed and turn near term outlook bullish. On the downside, break of 0.8689 minor support will bring retest of 0.8545 low, and retain near term bearishness.

In the bigger picture, fall from 0.9267 is seen as a down leg inside long term range pattern. Deeper fall could be seen towards 0.8201/8338 support zone. But strong support should be seen there to bring reversal. Nevertheless, firm break of 0.8827 resistance will turn favor to the case that such decline is merely a correction in the up trend from 0.8201. That is, further rally would be seen at a later stage through 0.9267.

Daily Pivots: (S1) 0.8754; (P) 0.8785; (R1) 0.8825; More…

Intraday bias in EUR/GBP remains on the downside with 0.8815 minor resistance intact. Fall from 0.8967 is expected to extend to retest 0.8686 low. We’d be cautious on strong support from there to bring another rebound. But decisive break of 0.8686 will resume whole fall from 0.9305 and target 0.8303 key support next. On the upside, above 0.8815 minor resistance will turn bias neutral and bring consolidation first, before staging another fall.

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) 0.8786; (P) 0.8807; (R1) 0.8835; More…

No change in EUR/GBP’s outlook as it’s bounded in range of 0.8693/8844. Intraday bias remains neutral at this point. Another rise is expected as long as 0.8693 support holds. Break of 0.8844 will resume the rebound from 0.8620 for 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963). However, break of 0.8693 will bring deeper fall back to retest 0.8620 low.

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.

EUR/GBP rose further to as high as 0.8957 last week despite some hesitations. Nonetheless, it lost momentum ahead of 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963) and retreated. Initial bias is neutral this week for some consolidations first. For now, as long as 0.8815 support holds, further rally is expected in the cross. Sustained break of 0.8967 cluster resistance 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) 0.8769; (P) 0.8803; (R1) 0.8828; More…

Intraday bias in EUR/GBP remains neutral for the moment. Loss of momentum as seen in 4 hour MACD and the steep retreat from 0.8844 argues that rebound from 0.8620 might be completed. Break of 0.8760 minor support will turn bias to the downside for 0.8679. Break there will likely resume whole decline from 0.9305 through 0.8620 low. On the upside, above 0.8844 will revive near term bullishness for 0.8967 cluster resistance (50% retracement of 0.9305 to 0.8620 at 0.8963).

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.

Daily Pivots: (S1) 0.8408; (P) 0.8424; (R1) 0.8441; More…

Intraday bias in EUR/GBP remains neutral first and further rise is in favor as long as 0.8294 support holds. On the upside, break of 0.8511 will target 0.8697 medium term fibonacci level next. However, break of 0.8294 will dampen this bullish view and bring retest of 0.8201 low.

In the bigger picture, a medium term bottom should be in place at 0.8201, on bullish convergence condition in daily and weekly MACD. Rise from there could either be a correction to the down trend from 0.9499 (2020 high), or a medium term up trend itself. In either case, further rise should be seen to 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will target 61.8% retracement at 0.9003. This will remain the favored case as long as 0.8294 support holds.

Daily Pivots: (S1) 0.8443; (P) 0.8471; (R1) 0.8500; More…

Intraday bias in EUR/GBP stays neutral at this point. Further decline is expected as long as 0.8552 minor resistance holds. Rebound from 0.8201 should have completed at 0.8720, after rejection by 0.8697 medium term fibonacci level. Below 0.8401 ill target a test on 0.8201/48 support zone next.

In the bigger picture, rejection by 38.2% retracement of 0.9499 to 0.8201 at 0.8697 argues that rebound from 0.8201 is merely a corrective move. That is, down trend from 0.9499 (2020 high) is now over. Sustained break of 0.8201 will resume such decline and target 61.8% retracement of 0.6935 to 0.9499 at 0.7917. This will now remain the favored case as long as 0.8720 resistance holds.

Daily Pivots: (S1) 0.8609; (P) 0.8630; (R1) 0.8645; More….

Intraday bias in EUR/GBP remains on the downside at this point. As noted before, corrective rebound from 0.8491 could have completed at 0.8764 already. Decisive break of 0.8614 support will target a retest on 0.8491 low. On the upside, above 0.8661 minor resistance will turn intraday bias neutral first.

In the bigger picture, outlook is mixed up by deeper than expected fall from 0.8764. On the downside, firm break of 0.8614 support will argue that down trend from 0.9267 (2022 high) is still in progress. Deeper fall would be seen through 0.8941 low. Nevertheless, break of 0.8764 will revive that case of medium term bullish reversal.

Daily Pivots: (S1) 0.8533; (P) 0.8553; (R1) 0.8570; More…

EUR/GBP’s break of 0.8537 support indicate resumption of decline from 0.9291. Such decline is seen as the third leg of the pattern from 0.9499. Intraday bias is back on the downside for 0.8276 key support level. We’d look for bottoming signal as it approaches this support. Nevertheless, break of 0.8644 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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. However, firm break of 0.8276 support will suggest that rise from 0.6935 has completed and turn medium term outlook bearish.

Daily Pivots: (S1) 0.8617; (P) 0.8643; (R1) 0.8658; More…

Intraday bias in EUR/GBP remain neutral and more consolidations could be seen. Another recovery cannot be ruled out. But upside should be well below 0.8796 resistance to bring fall resumption. Break of 61.8% projection of 0.9305 to 0.8745 from 0.8967 at 0.8621 will pave the way to 100% projection at 0.8407.

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) 0.8854; (P) 0.8891; (R1) 0.8913; More…

Intraday bias in EUR/GBP remains neutral with focus on 0.8866 minor support. 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 form 0.8670 to 61.8% retracement of 0.9499 to 0.8670 at 0.9182. However, firm break of 0.8866 will complete a head and should top pattern. That 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.

Daily Pivots: (S1) 0.8704; (P) 0.8734; (R1) 0.8754; More…

EUR/GBP drops sharply to as low as 0.8712 so far but it’s still staying in range of 0.8666/8796. Intraday bias remains neutral first. 0.8666/86 is seen as an important support zone. But break of 0.8666 will resume whole fall from 0.9305 and target 0.8312 key support. On the upside, above 0.8796 will resume the rebound from 0.8666 and 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) 0.8545; (P) 0.8570; (R1) 0.8584; More…

While EUR/GBP recovers ahead of 0.8548, further decline is still expected with 0.8619 resistance intact. Firm break of 0.8548 will argue that larger down trend is ready to resume through 0.8491 low. However, break of 0.8619 will dampen this view and turn bias back to the upside for stronger rebound.

In the bigger picture, fall from 0.8764 is seen as another leg in the whole down trend from 0.9267 (2022 high). Outlook will stay bearish as long as 0.8764 resistance holds. Break of 0.8491 will target 61.8% projection of 0.8977 to 0.8491 from 0.8764 at 0.8464.

Daily Pivots: (S1) 0.8692; (P) 0.8724; (R1) 0.8753; More…

EUR/GBP’s break of 0.8681 temporary low suggests that fall from 0.9499 has resumed. Intraday bias is back on the downside for 0.8276/82 key support zone. On the upside, above 0.8754 minor resistance will turn intraday bias neutral again. But further fall would remain in favor as long as 0.8863 resistance holds, in case of recovery.

In the bigger picture, while the pull back from 0.9499 is deep, there is no sign of trend reversal yet. The upside 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) 0.9055; (P) 0.9095; (R1) 0.9132; More…

EUR/GBP’s break of 0.9043 minor support dampens the bullish case and suggest that rebound form 0.8930 has completed. Intraday bias is turned back to the downside for 0.8930 support. Break will target 0.8864. On the upside, above 0.9139 will target 0.9175 resistance. Break will resume whole rebound from 0.8670 low.

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) 0.8963; (P) 0.9009; (R1) 0.9038; More…

Further rise is expected in EUR/GBP with 0.8880 support intact. Current rebound from 0.8670 should target 61.8% retracement of 0.9499 to 0.8670 at 0.9182 first. Sustained break there will pave the way to retest 0.9499 high. On the downside, though, break of 0.8880 support will turn bias back to the downside for 0.8670 low instead.

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 sharp decline last week argues that rebound from 0.8282 has completed at 0.8476. Initial bias is now mildly on the downside this week for retesting 0.8282 low. On the upside, above 0.8411 minor resistance will turn bias back to the upside for 0.8476 resistance. Break there will resume the rebound from 0.8282.

In the bigger picture, price actions from 0.9499 (2020 high) are still seen a corrective pattern that should be contained by 0.8276 long term support (2019 low). Bullish convergence condition in daily MACD and break of 55 day EMA raises the chance that it might be completed. Sustained trading above 38.2% retracement of 0.9499 to 0.8282 at 0.8747 will affirm this bullish case. However, sustained break of 0.8276 will argue that the long term trend has reversed.

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). However, sustained break of 0.8276 will indicate long term trend reversal, and target 61.8% retracement of 0.6935 to 0.9499 at 0.7917, and possibly below.

Daily Pivots: (S1) 0.8510; (P) 0.8527; (R1) 0.8542; More…

Intraday bias in EUR/GBP stays on the downside for 08491 support. Break there will resume larger down trend to 0.8464 projection level. On the upside, above 0.8563 minor resistance will turn intraday bias neutral and bring consolidations again.

In the bigger picture, fall from 0.8764 is seen as another leg in the whole down trend from 0.9267 (2022 high). Outlook will stay bearish as long as 0.8713 resistance holds. Break of 0.8491 will target 61.8% projection of 0.8977 to 0.8491 from 0.8764 at 0.8464.

EUR/GBP dropped to as low as 0.8666 last week and breached 0.8686 key support. But it couldn’t sustain below this level and recovered. Initial bias is neutral this week first. On the upside, break of 0.8757 minor resistance will turn bias back to the upside to extend recent sideway pattern with another rise, towards 0.8967. Nonetheless, break of 0.8666 again and sustained trading below 0.8686 will resume whole fall from 0.9305 and target 0.8303 key support next.

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.

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.