[m.youssif]

No change in EUR/GBP's outlook. With 0.8713 support intact, we're treating price actions from 0.8922 as consolidation in the larger rally only. Intraday bias remains neutral for more sideway trading first. Break of 0.8922 will indicate rise resumption and should target 100% projection of 0.8067 to 0.8940 from 0.8284 at 0.9157 next. However, note that break of 0.8713 support will indicate that EUR/GBP has possibly formed a head and shoulder top pattern and the near term trend has resumed. In such case, deeper fall should be seen to 0.8671 resistance turned support and below.

In the bigger picture, the sustained break of medium term trend line resistance revived 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 then target a new high above 0.9799 then. On the downside, however, break of 0.8713 support will argue that whole rise from 0.8284 has possibly finished. This will in turn dampen the bullish view and indicate that price actions from 0.8067 are merely a correction in the larger decline, rather than reversal. Focus will then turn back to 0.8284 support.

[m.youssif]

No change in EUR/GBP's outlook. With 0.8713 support intact, we're treating price actions from 0.8922 as consolidation in the larger rally only. Intraday bias remains neutral for more sideway trading first. Break of 0.8922 will indicate rise resumption and should target 100% projection of 0.8067 to 0.8940 from 0.8284 at 0.9157 next. However, note that break of 0.8713 support will indicate that EUR/GBP has possibly formed a head and shoulder top pattern and the near term trend has resumed. In such case, deeper fall should be seen to 0.8671 resistance turned support and below.

In the bigger picture, the sustained break of medium term trend line resistance revived 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 then target a new high above 0.9799 then. On the downside, however, break of 0.8713 support will argue that whole rise from 0.8284 has possibly finished. This will in turn dampen the bullish view and indicate that price actions from 0.8067 are merely a correction in the larger decline, rather than reversal. Focus will then turn back to 0.8284 support.