EUR/GBP Mid-Day Outlook

Daily Pivots: (S1) 0.8482; (P) 0.8508; (R1) 0.8523; More…

EUR/GBP’s break of 0.8454 support suggests that corrective rise from 0.8726 has completed at 0.8595 already. Intraday bias is turned back to the downside for retesting 0.8726 low first. Break will resume larger down trend from 0.9324. On the upside, break of 0.8595 is needed to confirm resumption of the rebound. Otherwise, risk will stay on the downside in case of recovery.

In the bigger picture, decline from 0.9324 medium term top is till in progress. As long as 0.8786 support turned resistance holds, further fall is expected to 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.