EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8555; (P) 0.8578; (R1) 0.8616; More....
Intraday bias in EUR/GBP stays neutral with recovery from 0.8504 temporary low in progress. Deeper decline is still expected with 0.8622 minor resistance intact. As noted before, the choppy rebound from 0.8397 has completed at 0.8768 already. Below 0.8504 will bring another fall towards 0.8397 support and possibly below. Though, above 0.8622 minor resistance, will dampen this view and turn bias back to the upside for 0.8768 resistance instead.
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 completing 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.