[m.youssif]

EUR/GBP's consolidation form 0.8852 is still in progress and intraday bias remains neutral. But after all, near term outlook will remain bullish with 0.8653 support intact. Above 0.8852 will target 0.8940 resistance first. However, break of 0.8653 will indicate that EUR/GBP has topped out in near term and will bring deeper pull back.

In the bigger picture, the strong break of medium term trend line resistance revives the case that correction from 0.9799 has finished with three waves downside to 0.8607 already. The long term up trend that started back in 2000 might be resuming. Further break of 100% projection of 0.8067 to 0.8940 from 0.8284 at 0.9157 will indicate that rise from 0.8067 is likely developing into an impulsive wave and will further affirm this bullish case. EUR/GBP should target a new high above 0.9799 then. On the downside, break of 0.8284 support is now needed to indicate that rebound from 0.8067 is completed. Otherwise, outlook will remain bullish even in case of deep pull back.

[m.youssif]

EUR/GBP's consolidation form 0.8852 is still in progress and intraday bias remains neutral. But after all, near term outlook will remain bullish with 0.8653 support intact. Above 0.8852 will target 0.8940 resistance first. However, break of 0.8653 will indicate that EUR/GBP has topped out in near term and will bring deeper pull back.

In the bigger picture, the strong break of medium term trend line resistance revives the case that correction from 0.9799 has finished with three waves downside to 0.8607 already. The long term up trend that started back in 2000 might be resuming. Further break of 100% projection of 0.8067 to 0.8940 from 0.8284 at 0.9157 will indicate that rise from 0.8067 is likely developing into an impulsive wave and will further affirm this bullish case. EUR/GBP should target a new high above 0.9799 then. On the downside, break of 0.8284 support is now needed to indicate that rebound from 0.8067 is completed. Otherwise, outlook will remain bullish even in case of deep pull back.