EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.9117; (P) 0.9140; (R1) 0.9167; More…

EUR/GBP’s corrective fall from 0.9324 might extend lower to 55 day EMA (now at 0.9038). But strong support should be seen in 0.8891/9051 support zone to bring rise resumption. On the upside, above 0.9194 minor resistance will turn bias back to the upside. Break of 0.9324 will resume larger up trend.

In the bigger picture, up trend from 0.6935 (2015 low) should be resuming. Sustained break of 0.9305 will confirm and target 0.9799 (2008 high) and then 61.8% projection of 0.6935 to 0.9305 from 0.8472 at 0.9937. In any case, medium term outlook will remain bullish as long as 0.8891 support holds, in case of deep pull back.

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