EUR/GBP failed to break through 0.9175 last week and reversed since then. But overall, it’s seen as staying in consolidation pattern from 0.9175. Initial bias remains neutral this week first. On the upside, firm break of 0.9175 resistance will resume whole rise from 0.8670. Nevertheless, break of 0.8930 will bring deeper fall to 0.8864 support and possibly below.

In the bigger picture, while the pull back from 0.9499 was deep, there is no sign of trend reversal yet. The up trend from 0.6935 (2015 low) should resume at a later stage to 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. This will remain the favored case as long as 0.8276 support holds.

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In the long term picture, rise from 0.6935 (2015 low) is still in progress. It could be resuming long term up trend from 0.5680 (2000 low). Decisive break of 0.9799 will target 100% projection of 0.5680 to 0.9799 from 0.6935 at 1.1054.


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