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EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8894; (P) 0.8955; (R1) 0.8995; More

EUR/GBP draws some support from 4 hours 55 EMA and recovers mildly today. But after all, outlook remains rather mixed as it's unclear whether decline from 0.9494 has completed at 0.8763 already even though bullish convergence condition in 4 hours MACD is suggesting so. We'd prefer to see a break out of range of 0.8763/9080 before concluding. On the upside, break of 0.9080 resistance will indicate that whole decline from 0.9494 has completed at 0.8763 already. In such case, strong rally should be seen towards trend line resistance at 0.9282 next. On the downside, below 0.8763 will suggest that fall from 0.9494 is indeed still in progress to 0.8635 support and below before completion.

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