EUR / GBP Daily Outlook | Forex Action

Daily pivots: (S1) 0.8911; (P) 0.8935; (R1) 0.8977; More…

EUR / GBP loses upward momentum, as the MACD shows in 4 hours. But with 0.8825 minor support intact, a further increase is still in favor. A firm break in the 38.2% retracement from 0.9499 to 0.8670 to 0.8987 should signal the end of the complete fall from 0.9499. A new rally should be observed for a 61.8% retracement at 0.9182 and above. Downward, however, breaking the minor support of 0.8825 will transform the bias downward to retest 0.8670 instead.

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Overall, although the decline of 0.9499 is deep, there is still no sign of a trend reversal. The upward trend of 0.6935 (2015 low) should resume again at a projection of 61.8% from 0.6935 to 0.9263 from 0.8276 to 0.9715. This will remain the privileged case as long as the support at 0.8276 is maintained.


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