EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8525; (P) 0.8539; (R1) 0.8555; More…

With 0.8561 minor resistance intact, fall from 0.8612 is still in favor to extend to retest 0.8448 low. Also, with 0.8668 resistance intact, larger fall from 0.9499 is probably still in progress, and break of 0.8448 will resume. On the upside, however, break of 0.8561 minor resistance will turn bias back to the upside for 0.8612 resistance.

In the bigger picture, price actions from 0.9499 (2020 high) are still seen as developing into a corrective pattern. Deeper fall could be seen as long as 0.8668 resistance holds, towards long term support at 0.8276. However, firm break of 0.8668 resistance would argue that a medium term bottom was already formed. Stronger rise would be seen to 0.8861 support turned resistance to confirm completion of the corrective pattern.

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