EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8520; (P) 0.8557; (R1) 0.8616; More

Intraday bias in EUR/GBP remains on the upside as the rebound from 0.8312 continues. Further rally would be seen to 0.8786 resistance next. Overall, price actions 0.9304 are viewed as a medium term corrective pattern that is extending. As EUR/GBP has just defended 0.8303 resistance. Break of 0.8786 could bring a retest on 0.9304 high. On the downside, below 0.8508 minor support will turn bias neutral and bring retreat first.

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.

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart

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