EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.9026; (P) 0.9055; (R1) 0.9071; More…

No change in EUR/GBP’s outlook as correction from 0.9291 might extend lower through 0.9007. But downside should be contained above 0.8866 support to bring rebound. On the upside, break of 0.9148 resistance will suggest completion of the correction. Intraday bias will be turned back to the upside for retesting 0.9291 high.

In the bigger picture, at this point, we’re seeing the price actions from 0.9499 as developing into a corrective pattern. That is, up trend from 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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