EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8372; (P) 0.8401; (R1) 0.8421; More…

Intraday bias in EUR/GBP remains neutral first and outlook is unchanged. Corrective pattern from 0.8276 is probably not completed yet. On the downside, break of 0.8386 will bring retest of 0.8276 low instead. On the upside, break of 0.8595 will target 38.2% retracement of 0.9324 to 0.8276 at 0.8676.

In the bigger picture, decline from 0.9324 medium term top is still in progress. As long as 0.8786 support turned resistance holds, further fall is expected to 61.8% retracement of 0.6935 to 0.9324 at 0.7848. Nevertheless, break of 0.8786 will argue that fall from 0.9324 has completed and turn focus back to this high.

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