EUR / GBP Daily Outlook | Forex action

Daily pivots: (S1) 0.8809; (P) 0.89891; (R1) 0.8969; More…

The EUR / GBP correction from 0.9499 is still in progress and a deeper decline cannot be excluded. But the decline should be contained by a 61.8% retracement from 0.8282 to 0.9499 to 0.8747 to bring about the rally’s recovery. On the upside, above 0.9052, a minor resistance will bring the bias upward to retest the highest of 0.9499 first.

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Overall, the breakout of 0.9324 (2016 high) confirms the resumption of the uptrend from 0.6935 (2015 low). The next target is a 61.8% projection from 0.6935 to 0.9263, from 0.8276 to 0.9715. Initial resistance was visible around 0.9799 (2008 high). But in any case, the medium-term outlook will remain bullish as long as support at 0.8276 is maintained, even in the event of a deep decline.


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