Tue, Dec 01, 2020 @ 09:19 GMT
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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8515; (P) 0.8570; (R1) 0.8641; More

At this point, EUR/GBP is staying in range of 0.8449/8650 and intraday bias remains neutral. With 0.8655 minor resistance intact, deeper fall is in favor. Corrective rise from 0.8303 should have completed at 0.8851 already. On the downside, break of 0.8449 support should confirm our bearish view and bring resumption of whole corrective fall from 0.9304. In that case, next target is 0.8116 cluster support. However, break of 0.8650 will turn focus back to 0.8851 instead.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. Deeper fall cannot be ruled out yet. But we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside. Overall, the corrective pattern would take some time to complete before long term up trend resumes at a later stage. Break of 0.9304 will pave the way to 0.9799 (2008 high).

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart

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