EUR/GBP Daily Outlook

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8382; (P) 0.8401; (R1) 0.8423; More....

Intraday bias in EUR/GBP remains neutral for the moment and more consolidations could be seen below 0.8440 temporary top. Deeper retreat cannot be ruled out but downside should be contained above 0.8265 support and bring another rally. Above 0.8440 will target 138.2% projection of 0.7755 to 0.8164 from 0.7959 at 0.8524 next, which is close to 0.8505 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. Current development affirms the case that such correction is completed at 0.7755 already, inside 0.7693/8186 support zone as expected. Further medium term rally should be seen to 0.9083 key resistance level for confirmation. Meanwhile, we's stay bullish as long as 0.8164 support holds even in case of pull back.