EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8468; (P) 0.8521; (R1) 0.8552; More....
EUR/GBP was back under pressure after brief recovery and intraday bias is back on the downside. Correction from 0.8806 might extend lower but we'd expect strong support from 0.8446 (50% retracement of 0.8085 to 0.8806 at 0.8446) to contain downside and bring rebound. Above 0.8601 minor resistance will turn bias back to the upside for retesting 0.8806.
In the bigger picture, price actions from 0.9799 are treated as a long term consolidation pattern and should have finished with three waves down to 0.7755 already. Focus is now on 0.9083 key resistance level. Break there will confirm this bullish case and should target 0.9799 high and above. Sustained of 0.8446 support is needed to be the first sign of medium term reversal. Otherwise, we'll stay bullish.