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.
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.