EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8544; (P) 0.8571; (R1) 0.8599; More…

Intraday bias in EUR/GBP remains neutral for consolidation above 0.8474 low. On the downside, break of 0.8474 low will resume recent down trend and target 0.8416 long term projection next. On the upside, though, break of 0.8722 will resume the rebound from 0.8474 to 0.8840 resistance first.

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.

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