EUR/GBP's rally continued last week as expected and reached as high as 0.8114, meeting mentioned target of 100% projection of 0.7755 to 0.7962 from 0.7886 at 0.8093. Initial bias remains on the upside this week for 0.8152 key resistance next. On the downside, below 0.8044 minor support will turn bias neutral and bring consolidations. But downside should be contained by 0.
Sep 15 | ActionForex
EUR/GBP jumped to as high as 0.8006 last week and the strong break of 0.7962 indicates resumption of rebound form 0.7755. More importantly, the strong break of the medium term channel resistance indicates that whole decline from 0.9083 has completed at 0.7755 on bullish convergence condition in daily MACD. Initial bias is on the upside this week for 100% projection of 0.7755 to 0.7962 from 0.
Sep 09 | ActionForex
EUR/GBP's recovery from 0.7811 extended further last week but upside momentum has been diminishing apparently. Also, note again that 0.7962 resistance remains intact and thus, our bearish view remains unchanged. That is whole decline from 0.9083 is expect to resume after consolidation pattern from 0.7755 finishes. Break of 0.7811 should send the cross through 0.7755 low towards 0.
Sep 02 | ActionForex
EUR/GBP's recovery from 0.7811 continued last week but after all it's still staying well below 0.7962 resistance. Near term outlook remains bearish and larger decline from 0.9083 is expected to resume sooner or later. Below 0.7811 should turn bias back to the downside and send the cross through 0.7755 low to 0.7692 key support level next. Though, note again that break of 0.
Aug 25 | ActionForex
Despite a dip to 0.7811, there was no follow through selling in EUR/GBP and the cross quickly recovered. Initial bias is neutral this week for some more sideway trading. But note again that we'll stay cautiously bearish as long as 0.7962 resistance holds. Decline from 0.9083 is still in favor to resume. Below 0.7811 will target 0.7755 low first and break will confirm fall resumption for 0.
Aug 18 | ActionForex
EUR/GBP edged higher to 0.7962 last week but failed to sustain above 0.7949 resistance. Also, strong resistance was seen from 55 days EMA and the cross reversed from there. Current development firstly indicates that rebound from 0.7755 is possibly finished at 0.7962 already. Secondly, the larger decline from 0.9083 might be resuming. Initial bias remains on the downside this week for 0.7755 first.
Aug 11 | ActionForex
EUR/GBP's corrective recovery from 0.7755 short term bottom continued last week. Such recovery could extend higher in near term, but still, upside is expected to be limited by 0.7949 resistance and bring fall resumption eventually. Below 0.7823 minor support will flip bias back to the downside for retesting 0.7755 low first. However, break of 0.
Aug 04 | ActionForex
EUR/GBP formed a short term bottom at 0.7755 last week and recovered. More consolidations could be seen in near term. But in case of stronger recovery, upside is expected to be limited below 0.7949 support turned resistance and bring another fall. Recent decline remains in favor to continue and below 0.7755 will target 0.7693 key support level next.
Jul 29 | ActionForex
EUR/GBP's down trend continued last week and dropped to as low as 0.7855 so far. Initial bias remains on the downside this week and deeper fall should be seen to 61.8% projection of 0.8505 to 0.7949 from 0.8156 at 0.7812. However, as noted before, we'll be cautious on reversal signal as the cross meets next long term fibonacci level at 0.7782. On the upside, break of 0.
Jul 14 | ActionForex
EUR/GBP's down trend resumed last week by taking out 0.7949 and reached as low as 0.7924 so far. Initial bias remains on the downside this week for 61.8% projection of 0.8505 to 0.7949 from 0.8156 at 0.7812 next. However, we'll be cautious on reversal signal as the cross approaches next long term fibonacci level at 0.7782. On the upside, above 0.
Jul 07 | ActionForex
EUR/GBP dipped to 0.7983 last week first but recovered strongly since then. The development indicates that consolidation pattern from 0.7949 is not finished yet. Initial bias remains neutral this week for more choppy sideway trading.
Jun 30 | ActionForex
EUR/GBP continued to stay in range of 0.8010/8156 last week. Initial bias remains neutral this week and more sideway trading could be seen. But focus will remain on 0.8010 minor support. Break there will suggest that the consolidative pattern from 0.7949 is already completed and will turn bias to the downside and send EUR/GBP through 0.7949 support to extend the larger decline from 0.9083.
Jun 23 | ActionForex