EUR/GBP Daily Forecast

Daily Pivots: (S1) 0.8910; (P) 0.8954; (R1) 0.8985;

Intraday outlook in EUR/GBP remains neutral for the moment. On the upside, above 0.9080 will suggest that rebound from 0.8785 is resuming for upper trend line resistance at 0.9268. On the downside, however, below 0.8881 will put 0.8785 low into focus. Break there will indicate that whole fall from 0.9494 is still in progress for 0.8635 support.

In the bigger picture, while there is no change in the view that consolidation from 0.9799 is still in progress, it could indeed be developing into triangle pattern (0.8635, 0.9494, 0.8785, ......). Rise from 0.8785 could be the fourth leg of the triangle pattern and should target the trend line resistance. But upside should be limited below 0.9494 and bring the fifth leg decline. On the downside, however, below 0.8785 will revive the case that decline from 0.9494 is still in progress to 100% projection of 0.9799 to 0.8635 from 0.9494 at 0.8330.

Based on ActionForex.com Technical Outlook