Sun, Jul 05, 2020 @ 07:30 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8500; (P) 0.8570; (R1) 0.8608; More

EUR/GBP dips further today but it’s staying in range above 0.8469. Intraday bias remains neutral for the moment. Structure of the rise from 0.8469 affirmed our view that it’s a corrective move. And this, in turn, affirmed the view that fall from 0.8851 is the third leg of the corrective pattern from 0.9304. Overall, we’d expect upside to be limited by 50% retracement of 0.8851 to 0.8469 at 0.8660 in case the consolidation from 0.8469 extends. On the downside, break o.8469 will target 0.8303 low next.

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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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8595; (P) 0.8618; (R1) 0.8645; More

EUR/GBP is staying in consolidation pattern from 0.8469 and intraday bias remains neutral. In case of another rise, we’d expect upside to be limited by 50% retracement of 0.8851 to 0.8469 at 0.8660 to bring fall resumption. As noted before, we’re tentatively viewing fall from 0.8851 as the third leg of the corrective pattern from 0.9304. Break of 0.8469 will target 0.8303 low. However, firm break of 0.8660 will indicate that rise from 0.8303 is still in progress and would turn bias to the upside for 0.8851 resistance and above.

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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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8592; (P) 0.8617; (R1) 0.8659; More

Intraday bias in EUR/GBP remains neutral for the moment as consolidation from 0.8469 continues. At this point, we’re tentatively viewing fall from 0.8851 as the third leg of the corrective pattern from 0.9304. Hence, we’d expect upside of the recovery from 0.8469 to be limited by 50.% retracement of 0.8851 to 0.8469 at 0.8660 to bring fall resumption. Below 0.8469 will turn bias to the downside for 0.8303 low. However, firm break of 0.8660 will indicate that rise from 0.8303 is still in progress and would turn bias to the upside for 0.8851 resistance and above.

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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EUR/GBP Weekly Outlook

EUR/GBP stayed in consolidation pattern from 0.8469 last week and outlook is unchanged. Initial bias stays neutral first. At this point, we’re tentatively viewing fall from 0.8851 as the third leg of the corrective pattern from 0.9304. Hence, we’d expect upside of the recovery from 0.8469 to be limited by 50.% retracement of 0.8851 to 0.8469 at 0.8660 to bring fall resumption. Below 0.8469 will turn bias to the downside for 0.8303 low. However, firm break of 0.8660 will indicate that rise from 0.8303 is still in progress and would turn bias to the upside for 0.8851 resistance and above.

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).

In the long term picture, firstly, price action from 0.9799 is seen as a long term corrective pattern and should have completed at 0.6935. 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 consolidation from 0.9304 completes, we’d expect another medium term up trend to target 0.9799 high and above.

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart

EUR/GBP Weekly Chart

EUR/GBP Monthly Chart

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8515; (P) 0.8570; (R1) 0.8641; More

At this point, EUR/GBP is staying in range of 0.8449/8650 and intraday bias remains neutral. With 0.8655 minor resistance intact, deeper fall is in favor. Corrective rise from 0.8303 should have completed at 0.8851 already. On the downside, break of 0.8449 support should confirm our bearish view and bring resumption of whole corrective fall from 0.9304. In that case, next target is 0.8116 cluster support. However, break of 0.8650 will turn focus back to 0.8851 instead.

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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EUR/GBP Mid-Day Outlook

Daily Pivots: (S1) 0.8467; (P) 0.8530; (R1) 0.8569; More

EUR/GBP rebounds strongly today but stays in range of 0.8449/8650. Intraday bias remains neutral for the moment. With 0.8655 minor resistance intact, deeper fall is in favor. Corrective rise from 0.8303 should have completed at 0.8851 already. On the downside, break of 0.8449 support should confirm our bearish view and bring resumption of whole corrective fall from 0.9304. In that case, next target is 0.8116 cluster support. However, break of 0.8650 will turn focus back to 0.8851 instead.

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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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8467; (P) 0.8530; (R1) 0.8569; More

Intraday bias in EUR/GBP remains neutral for the moment. Outlook is unchanged that the corrective rise from 0.8303 should have completed at 0.8851 already. On the downside, break of 0.8449 support should confirm our bearish view and bring resumption of whole corrective fall from 0.9304. In that case, next target is 0.8116 cluster support. However, break of 0.8650 will turn focus back to 0.8851 instead.

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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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8482; (P) 0.8510; (R1) 0.8550; More

Intraday bias in EUR/GBP remains neutral for the moment. As noted before, corrective rise from 0.8303 should have completed at 0.8851 already. Break of 0.8449 support should confirm our bearish view and bring resumption of whole corrective fall from 0.9304. In that case, next target is 0.8116 cluster support. However, break of 0.8650 will turn focus back to 0.8851 instead.

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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EUR/GBP Weekly Outlook

EUR/GBP dropped to as low as 0.8469 last week but lost momentum ahead of 0.8449 support and recovered. Initial bias is neutral this week first. The sustained trading below near term channel suggests that corrective rise from 0.8303 has completed at 0.8851 already. We’d favor deeper fall as long as 0.8650 minor resistance holds. Break of 0.8449 will argue that corrective fall from 0.9304 has started the third leg for 0.8116 cluster support. Nonetheless, break of 0.8650 will turn focus back to 0.8851 instead.

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).

In the long term picture, firstly, price action from 0.9799 is seen as a long term corrective pattern and should have completed at 0.6935. 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 consolidation from 0.9304 completes, we’d expect another medium term up trend to target 0.9799 high and above.

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart

EUR/GBP Weekly Chart

EUR/GBP Monthly Chart

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8456; (P) 0.8495; (R1) 0.8519; More

EUR/GBP’s recovery from 0.8303 has likely finished at 0.8851 already. Break of 0.8449 support will confirm this case and target 0.8303. Break will extend the whole corrective fall from 0.9304 and target 0.8116 support. In case of another rise, we’d now expect strong resistance at 61.8% retracement of 0.9304 to 0.8303 at 0.8922 to limit upside and bring near term reversal.

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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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8475; (P) 0.8527; (R1) 0.8558; More

The firm break of near term channel argue that corrective rise form 0.8303 has completed at 0.8851 already. Break of 0.8449 support will confirm this case. In that case, whole corrective fall from 0.9304 should have started the third leg through 0.8303 to 0.8116 support. In case of another rise, we’d now expect strong resistance at 61.8% retracement of 0.9304 to 0.8303 at 0.8922 to limit upside and bring near term reversal.

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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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8540; (P) 0.8595; (R1) 0.8626; More

EUR/GBP’s break of near term channel is seen as a sign of completion of corrective rise from 0.8303. But it’s staying above 0.8449 support and intraday bias stays neutral first. As noted before, rise from 0.8303 is seen as the second leg of the corrective pattern from 0.9304. Break of 0.8449 support will indicate that such rise is completed and the third leg has started for 0.8303 and below. Above 0.8851 will extend the rise from 0.8303. But in that case, strong resistance should be seen above 61.8% retracement of 0.9304 to 0.8303 at 0.8922 to limit upside and bring near term reversal.

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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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8559; (P) 0.8610; (R1) 0.8637; More

Intraday bias in EUR/GBP remains neutral for the moment. Rise from 0.8303 is seen as a corrective move, as the second leg of the corrective pattern from 0.9304. Break of 0.8449 support will indicate that such rise is completed and the third leg has started for 0.8303 and below. Above 0.8851 will extend the rise from 0.8303. But in that case, strong resistance should be seen above 61.8% retracement of 0.9304 to 0.8303 at 0.8922 to limit upside and bring near term reversal.

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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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8625; (P) 0.8648; (R1) 0.8667; More

Intraday bias in EUR/GBP remains neutral for the moment. Rise from 0.8303 is seen as a corrective move, as the second leg of the corrective pattern from 0.9304. Break of 0.8449 support will indicate that such rise is completed and the third leg has started for 0.8303 and below. Above 0.8851 will extend the rise from 0.8303. But in that case, strong resistance should be seen above 61.8% retracement of 0.9304 to 0.8303 at 0.8922 to limit upside and bring near term reversal.

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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EUR/GBP Weekly Outlook

EUR/GBP edged higher to 0.8851 last week but retreated since then. Initial bias stays neutral this week first. Rise from 0.8303 is seen as a corrective move, as the second leg of the corrective pattern from 0.9304. Break of 0.8449 support will indicate that such rise is completed and the third leg has started for 0.8303 and below. Above 0.8851 will extend the rise from 0.8303. But in that case, strong resistance should be seen above 61.8% retracement of 0.9304 to 0.8303 at 0.8922 to limit upside and bring near term reversal.

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).

In the long term picture, firstly, price action from 0.9799 is seen as a long term corrective pattern and should have completed at 0.6935. 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 consolidation from 0.9304 completes, we’d expect another medium term up trend to target 0.9799 high and above.

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart

EUR/GBP Weekly Chart

EUR/GBP Monthly Chart

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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8606; (P) 0.8642; (R1) 0.8675; More

Intraday bias in EUR/GBP remains neutral for the moment. Rise from 0.8303 is seen as a corrective move, the second leg of consolidation pattern from 0.9304. In case of another rise, break of 61.8% retracement of 0.9304 to 0.8303 at 0.8922 would be seen. But we’ll be cautious on topping above 0.8922. On the downside, break of 0.8449 will likely start the third leg through 0.8303 low.

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 around 55 weeks EMA (now at 0.8260) 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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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8758; (P) 0.8804; (R1) 0.8847; More

Intraday bias in EUR/GBP remains neutral for the moment. Rise from 0.8303 is seen as a corrective move, the second leg of consolidation pattern from 0.9304. In case of another rise, break of 61.8% retracement of 0.9304 to 0.8303 at 0.8922 would be seen. But we’ll be cautious on topping above 0.8922. On the downside, break of 0.8449 will likely start the third leg through 0.8303 low.

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 around 55 weeks EMA (now at 0.8260) 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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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8758; (P) 0.8804; (R1) 0.8847; More

Intraday bias in EUR/GBP is turned neutral with breach of 0.8646 minor support. Rise from 0.8303 is seen as a corrective move, the second leg of consolidation pattern from 0.9304. In case of another rise, break of 61.8% retracement of 0.9304 to 0.8303 at 0.8922 would be seen. But we’ll be cautious on topping above 0.8922. On the downside, break of 0.8449 will likely start the third leg through 0.8303 low.

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 around 55 weeks EMA (now at 0.8260) 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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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8758; (P) 0.8804; (R1) 0.8847; More

No change in EUR/GBP’s outlook. With 0.8646 support intact, rebound from 0.8303 is expected to target 61.8% retracement of 0.9304 to 0.8303 at 0.8922 and above. Such rebound is seen as the second leg of the consolidation pattern from 0.9304. Hence, we’ll be cautious on topping above 0.8922. On the downside, though, break of 0.8646 minor support is needed to indicate completion of the rise. Otherwise, near term outlook will stay cautiously bullish in case of retreat.

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 around 55 weeks EMA (now at 0.8260) 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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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8686; (P) 0.8726; (R1) 0.8760; More

EUR/GBP’s rebound form 0.8303 extends today and intraday bias stays on the upside for 61.8% retracement of 0.9304 to 0.8303 at 0.8922 and above. Such rebound is seen as the second leg of the consolidation pattern from 0.9304. Hence, we’ll be cautious on topping above 0.8922. On the downside, though, break of 0.8646 minor support is needed to indicate completion of the rise. Otherwise, near term outlook will stay cautiously bullish in case of retreat.

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 around 55 weeks EMA (now at 0.8260) 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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