EUR/GBP Mid-Day Outlook

Daily Pivots: (S1) 0.8397; (P) 0.8453; (R1) 0.8550; More…

EUR/GBP’s break of 0.8508 resistance confirms short term bottoming a 0.8276. Intraday bias is turned back to the upside. Rise from 0.8276 is correcting whole fall form 0.9324 and should target 38.2% retracement of 0.9324 to 0.8276 at 0.8676. On the downside, break of 0.8476 minor support will turn bias to the downside for retesting 0.8276 low instead.

In the bigger picture, fall from 0.9324 medium term top is still in progress. 38.2% retracement of 0.6935 to 0.9324 at 0.8411 was firmly taken out. Further decline should now be seen to 61.8% retracement at 0.7848 next. In any case, further decline would remain in favor as long as 0.8786 support turned resistance holds, even in case of strong rebound.