Weekly outlook EUR / GBP | Forex Action

The EUR / GBP rebound from 0.8670 extended to 0.9000 last week. A temporary peak was formed after reaching a 38.2% retracement from 0.9499 to 0.8670 to 0.8987. The initial bias is neutral this week first. On the upside, a firm break of 0.8987 will indicate the completion of the complete fall of 0.9499. A new rally should be observed for a 61.8% retracement at 0.9182 and above. However, a sustained break of 4 hours 55 EMA (now at 0.8900) will suggest the completion of the rebound from 0.8670. The intraday bias will come back down to retest the lowest of 0.8670.

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) is expected to resume later 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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In the long term, the increase from 0.6935 (2015 low) is still underway. It could resume a long-term upward trend from 0.5680 (2000 low). A decisive breakout of 0.9799 will target a 100% projection of 0.5680 to 0.9799 against 0.6935 to 1.1054.


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