EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.9069; (P) 0.9138; (R1) 0.9181; More…

EUR/GBP’s pull back from 0.9291 extended lower but it’s staying above 0.9067 support so far. Intraday bias remains neutral first and further rise is still in favor. On the upside, break of 0.9291 will resume the whole rise from 0.8670. Next target is 100% projection of 0.8670 to 0.9175 from 0.8866 at 0.9371 next. However, sustained break of 0.9067 will dampen this bullish view and turn bias to the downside for 0.8866 support instead.

In the bigger picture, at this point, we’re still seeing the fall from 0.9499 as developing into a corrective pattern. That is, up trend form 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds. Decisive break of 0.9499 will target 0.9799 (2008 high).

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