Daily Pivots: (S1) 0.8917; (P) 0.8948; (R1) 0.8987; More.

The break of 0.8914 support confirms that fall from 0.9132 is resuming and reaffirms the case that rise from 0.8601 has completed. Intraday bias is on the downside and further decline should be seen towards 0.8601/62 support zone. on the upside, break of 0.9044 resistance is needed to indicate that fall from 0.9132 is completed. Otherwise, another fall is still in favor in case of recovery.

In the bigger picture, EUR/GBP is still bounded inside medium term converging range between 08399 and 0.9799. the question remains on whether consolidation from 0.9799 has completed with three waves to 0.8601, or it’s developing into five wave triangle pattern with fall from 0.9137 as the fifth wave. In either case, in case of another fall, downside should be contained above 0.8601 support and finally bring long term up trend resumption. on the upside, break of 0.9410 resistance will indicate that the consolidation from 0.9799 has completed and long term up trend is resuming for another high above 0.9799.

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EUR/GBP Daily Outlook – Forex Trading, Currency Forecast, FX …

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