EUR/GBP Daily Outlook

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8332; (P) 0.8356; (R1) 0.8377; More....

No change in EUR/GBP's outlook. Current development is inline with the bullish case. That is the consolidation pattern from 0.8806 might have completed at 0.8157 after hitting 0.8164 key support. Near term outlook will stay bullish as long as 0.8286 resistance turned support holds. Above 0.8380 will target 0.8466 resistance next.

In the bigger picture, we're still preferring the case that correction from 0.9799 has completed with three waves down to 0.7755 already. Rise from 0.7755 isn't completed yet and should resume after finishing the consolidation pattern from 0.8806. Above 0.8806 will target 0.9083 key resistance level and break will confirm this bullish case. However, break of sustained 0.8164 cluster support (61.8% retracement of 0.7755 to 0.8806 at 0.8156) will invalidate this view and turn medium term outlook bearish for 0.7755 low.