EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8497; (P) 0.8530; (R1) 0.8549; More…

Intraday bias in EUR/GBP stays neutral first. Further rise is expected as long as 0.8479 support holds. On the upside, break of 0.8595 will target 38.2% retracement of 0.9324 to 0.8276 at 0.8676. However, break of 0.8479 will argue that rebound from 0.8276 has completed and turn bias back to the downside.

In the bigger picture, rise from 0.6935 (2015 low) should have completed at 0.9324 already. As long as 0.8786 support turned resistance holds, further decline is expected. Next target is 61.8% retracement of 0.6935 to 0.9324 at 0.7848. Nevertheless, break of 0.8786 will argue that fall from 0.9324 has completed and turn focus back to this high.