EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8382; (P) 0.8431; (R1) 0.8459; More....

Intraday bias in EUR/GBP remains on the downside for the moment for 0.8397 first. Break will resume whole decline from 0.8806 towards 50% retracement of 0.7755 to 0.8806 at 0.8281. But overall, such decline is viewed as a correction only and might complete around there. Above 0.8497 will turn bias to the upside for 0.8636 resistance instead.

In the bigger picture, medium term rebound from 0.7755 lost much momentum after hitting 0.8806 and the break of 0.8446 support raised the chance of reversal. But overall, we're still preferring the case that correction from 0.9799 has completed with three waves down to 0.7755 already and expect another rise to 0.9083 key resistance level. However, break of 0.8164 cluster support (61.8% retracement of 0.7755 to 0.8806 at 0.8156) will invalidate this view and turn medium term outlook bearish for 0.7755 low.

IMOH, Clement I.
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