EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8361; (P) 0.8411; (R1) 0.8448; More....
EUR/GBP's rebound from 0.8299 lost some momentum after hitting 0.8463 and intraday bias is turned neutral first. Overall outlook is unchanged. Price actions from 0.8806 are viewed as a correction pattern only and might have finished at 0.8299. Above 0.8463 will target 0.8584 resistance. Break there will affirm this case and target 0.8768/8806 resistance zone. On the downside, below 0.8375 minor support will turn focus back to 0.8299 and 50% retracement of 0.7755 to 0.8806 at 0.8281.
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.