EUR / GBP Daily Outlook | Forex Action

Daily pivots: (S1) 0.8936; (P) 0.8968; (R1) 0.8990; More…

EUR / GBP lost its upward momentum after failing to maintain a 38.2% retracement from 0.9499 to 0.8670 to 0.8897 and fell. The intraday bias first became neutral. A further increase is still in favor at the moment. A sustained break out of 0.8987 will indicate the completion of the entire fall of 0.9499. A new rally should be observed for a 61.8% retracement at 0.9182 and above. However, a firm break of 4 hours 55 EMA (now at 0.8884) will suggest the completion of the rebound of 0.8670. The intraday bias will come back down to retest the lowest of 0.8670.

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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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