EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8261; (P) 0.8283; (R1) 0.8313; More....
Intraday bias in EUR/GBP remains neutral for the moment. Overall outlook is unchanged. Fall from 0.8768 is viewed as a terminal triangle, in its final leg. In case of another fall, we'd expect strong support above 0.8164 cluster to bring reversal. Meanwhile, above 0.8331 will indicate short term bottoming and turn bias back to the upside for a take on 0.8466 resistance.
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 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.