EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8647; (P) 0.8677; (R1) 0.8712; More....

EUR/GBP dropped sharply after edging higher to 0.8710 and intraday bias is turned neutral first. As long as 0.8574 minor support holds, rebound from 0.8397 is still expected to extend to retest 0.8806. Meanwhile, below 0.8574 will turn bias back to the downside for 0.8481 support instead.

In the bigger picture, we're still preferring the case that correction from 0.9799 has completed with three waves down to 0.7755 already. Rise from 0.7755 isn't completed yet and should resume after completing the correction from 0.8806. Above 0.8806 will target 0.9083 key resistance level and break will confirm this bullish case. 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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