EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8805; (P) 0.8860; (R1) 0.8944; More…

EUR/GBP’s rally extends to as high as 0.8939 so far and there is no sign of topping yet. Intraday bias remains on the upside at this point. Current development suggests that whole decline form 0.9324 has completed. Sustained break of 61.8% retracement of 0.9324 to 0.8276 at 0.8924 will pave the way to retest 0.9324 high. For now, near term outlook will stay cautiously bullish as long as 0.8621 support holds, in case of retreat.

In the bigger picture, current development argues that fall from might merely be a correction to rise from 0.6935 (2015 low) to 0.9324. While more range trading could still be seen below 0.9324, an upside breakout is in favor. break of 0.9324 will target a test on 0.9799 (2008 high).