EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8543; (P) 0.8649; (R1) 0.8759; More…

A temporary top is formed at 0.8591 in EUR/GBP and intraday bias is turned neutral first. Further rise is still in favor as long as 0.8476 minor support holds. Above 0.8591 will 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.