[m.youssif]

Intraday bias in EUR/GBP remains on the upside for the moment and current rise should target 100% projection of 0.8067 to 0.8940 from 0.8284 at 0.9157. On the downside, below 0.8955 minor support will turn bias neutral and bring retreat. But downside should be contained above 0.8857 support and bring rally resumption.

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 0.8739 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]

Intraday bias in EUR/GBP remains on the upside for the moment and current rise should target 100% projection of 0.8067 to 0.8940 from 0.8284 at 0.9157. On the downside, below 0.8955 minor support will turn bias neutral and bring retreat. But downside should be contained above 0.8857 support and bring rally resumption.

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 0.8739 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.