EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8622; (P) 0.8727; (R1) 0.8782; More…

Break of 0.8720 resistance turned support argues that rise from 0.8201 has completed in three-wave corrective pattern. Intraday bias is back on the downside for 55 day EMA (now at 0.8636) first. Firm break there will target 0.8201/8338 support zone. On the upside, above 0.8848 minor resistance will turn intraday bias neutral first.

In the bigger picture, as long as 0.8720 resistance turned support holds, rise from 0.8201 is seen as resuming larger up trend from 0.6935 (2015 low). Break of 0.9499 (2020 high) should be seen at a later stage. However, firm break of 0.8720 will argue that sideway pattern from 0.9499 is extending with another falling leg instead.

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