EUR / GBP mid-day outlook | Forex Action

Daily pivots: (S1) 0.8928; (P) 0.8944; (R1) 0.8960; More…

The 4 hour 55 EMA EUR / GBP break suggests that the rebound from 0.8670 ended at 0.9000 after reaching a 38.2% retracement from 0.9499 to 0.8670 at 0 , 8987. The intraday bias is back down for the 55-day EMA (now at 0.8802). Break will target a test on the 0.8670 support. On the upside, a steady break out 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.

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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) 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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