EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8457; (P) 0.8464; (R1) 0.8479; More....
Intraday bias in EUR/GBP remains neutral for the moment. With 0.8424 minor support intact, we're holding on to the bullish view. That is, consolidation from 0.8806 has completed with three waves down to 0.8332 already. Above 0.8509 will target 0.8652 resistance first. Break will pave the way for retesting 0.8768/8806 resistance zone. However, below 0.8424 minor support will dampen this view and turn focus back to 0.8332 low 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 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.