EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.7980; (P) 0.7994; (R1) 0.8017; More...
Intraday bias in EUR/GBP is neutral for the moment and some sideway trading might be seen. But with 0.8030 minor resistance intact, current decline fro 0.8164 is still expected to continue. Below 0.7959 will target 0.7922 support first. Break will confirm that whole rebound from 0.7755 has finished and will target a new low. Meanwhile, break of 0.8030 will indicate short term bottoming and bring rebound. Focus will then be turned back to 0.8164 resistance.
In the bigger picture, price actions from 0.9799 are treated as a long term consolidation pattern with fall from 0.9083 as the third leg. Strong support is expected inside 0.7693/8186 support zone to conclude the consolidation. No change in this view. The corrective look of the rebound from 0.7755 argues that another low could be seen in EUR/GBP before the correction completes. Though, we'd look for reversal signal again as it approaches 0.7693.