EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8620; (P) 0.8645; (R1) 0.8670; More…

Intraday bias in EUR/GBP stays on the upside for the moment. Firm break of 0.8670 resistance will affirm the case that whole rebound from 0.8470 is resuming through 0.8718 resistance. On the downside, though, break of 0.8614 minor support will turn intraday bias neutral again first.

In the bigger picture, price actions from 0.9499 are still seen 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. However, firm break of 0.8276 support will suggest that rise from 0.6935 has completed and turn medium term outlook bearish.

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