EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8881; (P) 0.8909; (R1) 0.8929; More…

EUR/GBP is staying in range above 0.8861 and intraday bias remains neutral first. Further fall is expected as long as 0.9004 resistance holds. On the downside, sustained break of 0.8866 key support will indicate that rebound from 0.8670 has completed at 0.9291. Deeper fall should be seen to 0.8670, to extend the pattern from 0.9499. On the upside, however, firm break of 0.9004 resistance will turn bias back to the upside for 0.9291 resistance.

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In the bigger picture, at this point, we’re seeing the price actions from 0.9499 as developing into a corrective pattern. That is, up trend from 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds. Decisive break of 0.9499 will target 0.9799 (2008 high).