EUR/GBP’s rebound from 0.8338 resumed last week and accelerated to as high as 0.8675. Initial bias is mildly on the upside this week for 0.8720 resistance. Decisive break there will carry larger bullish implications. Next target is 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857. On the downside, break of 0.8611 minor support will turn intraday bias neutral again first.

In the bigger picture, focus is back on 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will argue that rise from 0.8201 is a medium term up trend, rather than a correction. Next target is 61.8% retracement at 0.9003. Rejection by 0.8697 again will maintain medium term bearishness, for extending the down trend from 0.9499 (2020 high) at a later stage.

In the long term picture, the lack of medium term downside momentum suggests that fall from 0.9499 (2020 high) is merely a correction to rise from 0.6935 (2015 high). In case of another fall, downside should be contained by 61.8% retracement of 0.6935 to 0.9499 at 0.7917 to bring rebound. Sustained trading above 55 month EMA (now at 0.8601) will indicate that the correction has completed and bring retest of 0.9499.

Daily Pivots: (S1) 0.9060; (P) 0.9080; (R1) 0.9107; More…

EUR/GBP retreats sharply after hitting upper channel resistance. A temporary top is in place at 0.9097 and intraday bias is turned neutral first. Deeper retreat could be seen to 4 hour 55 EMA (now at 0.9016). But downside should be contained well above 0.8895 and bring rise resumption. On the upside, above 0.9097 will resume the rally from 0.8620 and target 0.9305 key resistance.

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) 0.8698; (P) 0.8723; (R1) 0.8738; More….

Intraday bias in EUR/GBP is mildly on the downside at this point. Fall from 0.8754 is seen as the third leg of the consolidation pattern from 0.8752, and should target 0.8648. But strong support should be seen around there to complete the consolidation. On the upside, decisive break of 0.8752/4 will resume whole rise from 0.8491 to 0.8874 resistance next.

In the bigger picture, current development suggests that whole down trend from 0.9267 (2022 high) has completed with three down to to 0.8491. Rise from 0.8491 is seen as another leg inside that pattern from 0.9499 (2020 high). Further rally should be seen to 0.8977 resistance and above. This will remain the favored case as long as 0.8614 support holds.

Daily Pivots: (S1) 0.8696; (P) 0.8773; (R1) 0.8812; More…

EUR/GBP drops sharply to as low as 0.8699 so far. Firm break of 0.8732 support finally confirms resumption of fall from 0.9305. Intraday bias is back on the downside for 61.8% projection of 0.9305 to 0.8745 from 0.8981 at 0.8468 first. Break will target 100% projection at 0.8151 next. On the upside, break of 0.8849 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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) 0.8620; (P) 0.8638; (R1) 0.8650; More…

EUR/GBP is still staying in consolidation from 0.8474 and intraday bias remains neutral first. Further rise cannot be ruled out but upside should be limited by 0.8722 resistance to bring down trend resumption. 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.

Daily Pivots: (S1) 0.8508; (P) 0.8529; (R1) 0.8566; More…

Range trading continues in EUR/GBP and intraday bias remains neutral. With 0.8365 support intact, further rise is in favor. On the upside, break of 0.8617 will resume rise from 0.8201 medium term bottom to 0.8697 medium term fibonacci level. However, break of 0.8365 will dampen this bullish view, and turn bias back to the downside instead.

In the bigger picture, a medium term bottom could 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.

Daily Pivots: (S1) 0.8706; (P) 0.8736; (R1) 0.8779; More…

Intraday bias in EUR/GBP remains on the upside for the moment. Current rise would target 0.8786 resistance and then 0.8851. Decisive break of 0.8851 will pave the way to retest 0.9304 high. On the downside, break of 0.8654 support is needed to indicate short term topping. Otherwise, outlook will say mildly bullish in case of retreat.

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.

Daily Pivots: (S1) 0.8596; (P) 0.8621; (R1) 0.8641; More…

Intraday bias in EUR/GBP remains neutral as consolidation from 0.8575 is still extending. Another recovery could still be seen. But upside should be limited by 0.8811 resistance. On the downside, break of 0.8575 will resume the fall from 0.9324 and target 100% projection of 0.9324 to 0.8786 from 0.9019 at 0.8481, which is close to 0.8472 key support.

In the bigger picture, we’re now seeing 0.9324 as a medium term top on bearish divergence condition in weekly MACD. Price actions from there should develop into a corrective pattern. Deeper fall should be seen back to 38.2% retracement of 0.6935 to 0.9324 at 0.8411 but strong support should be seen there, at least on first attempt, to bring rebound. On the upside, break of 0.9324 is needed to confirm up trend resumption. Otherwise, risk will stay on the downside even in case of strong rebound.

Daily Pivots: (S1) 0.8820; (P) 0.8839; (R1) 0.8865; More…

EUR/GBP’s break of 0.8828 indicates that fall from 0.9229 has resumed. Intraday bias is back on the downside. Immediate focus is now on 100% projection of 0.9291 to 0.8861 from 0.9229 at 0.8799. Firm break there will indicate downside acceleration for 0.8670 support, as part of the corrective pattern from 0.9499. In any case, outlook will remain bearish as long as 0.8917 resistance holds, 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. Decisive break of 0.9499 will target 0.9799 (2008 high).

Daily Pivots: (S1) 0.8394; (P) 0.8417; (R1) 0.8429; More…

EUR/GBP’s rebound from 0.8338 could have completed at 0.8491 already. Intraday bias is mildly on the downside for 0.8338 support first. Decisive break there will resume the fall from 0.8720 to retest 0.8201 low. On the upside, above 0.8439 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 0.8491 resistance holds.

In the bigger picture, current development suggests rejection by 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Medium term bearishness is maintained. 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.

Daily Pivots: (S1) 0.8613; (P) 0.8637; (R1) 0.8653; More…

Intraday bias sin EUR/GBP is turned neutral as recovery was rejected by 4 hour 55 EMA. Overall outlook stays bearish with 0.8827 resistance intact. On the downside, break of 0.8570 temporary low will resume the decline from 0.9267, towards 0.8338 support.

In the bigger picture, current development suggests that fall from 0.9267 is 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) 0.8732; (P) 0.8748; (R1) 0.8777; More…

Intraday bias in EUR/GBP remains neutral for the moment. While consolidation from 0.8865 might extend, we’d still expect strong support from 0.8639 to contain downside and bring rise resumption. Decisive break of 0.8851 resistance will pave the way to retest 0.9304 high. 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.

Daily Pivots: (S1) 0.8843; (P) 0.8864; (R1) 0.8884; More…

Focus stays on 0.8894 minor resistance in EUR/GBP. Break should confirm short term bottoming at 0.8786, on bullish convergence condition in 4 hour MACD, after breaching 61.8% retracement of 0.8472 to 0.9324 at 0.8797. Intraday bias would then be turned back to the upside for 55 day EMA (now at 0.8969). On the downside, sustained break of 0.8797 will extend the fall from 0.9324 towards 0.8472 key support next.

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) 0.8468; (P) 0.8508; (R1) 0.8529; More…

EUR/GBP is holding above 0.8483 temporary low and intraday bias remains neutral. As noted before, decline from 0.8786 could be developing into the third leg of the whole corrective pattern from 0.9304. And hence, deeper fall is expected ahead. On the downside, break of 0.8483 will turn bias to the downside for 0.8402 support first. Decisive break there should confirm our bearish view and target 0.8303 and below. As fall from 0.9304 is viewed as a corrective move, we’d expect strong support at 0.8116/20 cluster support to contain downside and bring rebound. On the upside, above 0.8604 minor resistance will delay the bearish case. That is, one more recovery will be seen to complete a five wave triangle pattern fro 0.8303 before completion.

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’s fall accelerated to as low as 0.8276 last week. A temporary low was formed there with subsequent recovery. Initial bias is neutral this week for some consolidations first. Upside of recovery should be limited by 0.8508 resistance 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.

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.

In the long term picture, the strong break of 55 month EMA now suggests that rise from 0.6935 (2015 low) has completed at 0.9324 already. However fall from there could be the third leg of the whole pattern from 0.9799 (2008 high). It’s a bit early to judge how fall the decline would extend to and whether 0.6935 would be taken out. We’ll pay attention to the structure of the fall from 0.9324 and corresponding downside momentum to made an assessment later.

Daily Pivots: (S1) 0.8605; (P) 0.8639; (R1) 0.8661; More…

A temporary top is in place at 0.8674 and intraday bias in EUR/GBP is turned neutral first. Further rise is expected as long as 0.8523 support holds. Above 0.8674 will extend the rise from 0.8312 to 0.8786 resistance. Note again that price actions 0.9304 are viewed as a medium term corrective pattern that is extending. Break of 0.8786 would now pave the way to retest 0.9304 high. However, break of 0.8523 will indicate that rebound from 0.8312 has completed and turn bias back to the downside.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. In case of deeper 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. 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.

Daily Pivots: (S1) 0.8744; (P) 0.8776; (R1) 0.8815; More…

Intraday bias in EUR/GBP remains neutral first. On the downside, sustained trading below 55 day EMA (now at 0.8656) will extend the fall from 0.9267 (as another falling leg of a long term consolidation pattern), to 0.8201/8338 support zone. On the upside, above 0.8848 minor resistance will turn bias back to the upside for recovery instead.

In the bigger picture, as long as 0.8720 resistance turned support holds, rise from 0.8201 is seen as resuming larger up trend from 0.6935 (2015 low). Break of 0.9499 (2020 high) should be seen at a later stage. However, firm break of 0.8720 will argue that sideway pattern from 0.9499 is extending with another falling leg instead.

EUR/GBP’s fall from 0.9299 resumed last week and hit as low as 0.8638. Initial bias stays on the downside this week for 161.8% projection of 0.9291 to 0.8861 from 0.9229 at 0.8533. We’ll look for bottoming signal around there. On the upside, break of 0.8790 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay 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. Decisive break of 0.9499 will target 0.9799 (2008 high).

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). Break of 0.9799 (2008 high) is expected down the road, as long as 0.8276 support holds.

Daily Pivots: (S1) 0.8729; (P) 0.8784; (R1) 0.8821; More…

Intraday bias in EUR/GBP remains neutral at this point, with focus on 61.8% retracement of 0.8282 to 0.9499 at 0.8747. Strong support is still expected and break of 0.8987 minor resistance will turn bias to the upside for retesting 0.9499 high. However, sustained break of 0.8747 will dampen near term bullishness and bring deeper fall back to 0.8276/82 key support zone.

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.

Daily Pivots: (S1) 0.8553; (P) 0.8569; (R1) 0.8598; More…

Intraday bias in EUR/GBP remains neutral as range trading continues. With 0.8365 support intact, further rise is in favor. On the upside, break of 0.8617 will resume rise from 0.8201 medium term bottom to 0.8697 medium term fibonacci level. However, break of 0.8365 will dampen this bullish view, and turn bias back to the downside instead.

In the bigger picture, a medium term bottom could 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.