EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8822; (P) 0.8844; (R1) 0.8859; More…

Intraday bias in EUR/GBP remains neutral for consolidation below 0.8890 temporary top. Downside of retreat should be contained by 0.8796 minor support to bring rally resumption. 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).

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.

Featured Analysis

Learn Forex Trading