EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8397; (P) 0.8442; (R1) 0.8473; More…

Intraday bias in EUR/GBP remains neutral first. With 0.8487 minor resistance intact, further decline is expected. Corrective rise from 0.8276 should have completed at 0.8595. Below 0.8386 will bring retest of 0.8276 low. On the upside, break of 0.8487 will dampen this bearish view and turn focus back to 0.8595 resistance instead.

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.