EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8543; (P) 0.8592; (R1) 0.8638; More…

Intraday bias in EUR/GBP is back on the downside with break of 0.8570 temporary low. Fall from 0.9267 is resuming and should target 0.8338 support next. On the upside, above 0.8674 minor resistance will turn intraday bias neutral first. But further decline will remain in favor as long as 0.8827 resistance holds.

In the bigger picture, current development suggests that fall from 0.9267 is a down leg inside long term range pattern. Deeper fall could be seen towards 0.8201/8338 support zone. But strong support should be seen there to bring reversal. Nevertheless, firm break of 0.8827 resistance will turn favor to the case that such decline is merely a correction in the up trend from 0.8201. That is, further rally would be seen at a later stage through 0.9267.

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