Daily Charts Analysis

EURGBP – sustained break of 0.8747 will dampen near term bullishness

Intraday bias in EUR/GBP remains neutral at this point, with focus on 61.8% retracement of 0.8282 to 0.9499 at 0.8747. Strong support is still expected and break of 0.8987 minor resistance will turn bias to the upside for retesting 0.9499 high. However, sustained break of 0.8747 will dampen near term bullishness and bring deeper fall back to 0.8276/82 key support zone.

In the bigger picture, up trend from 0.6935 (2015 ) should still be in progress. Next target is 61.8% projection of 0.6935 to 0.9263 from 0.8276 at 0.9715. Initial resistance could be seen around there as it’s close to 0.9799 (2008 high). In any case, medium term outlook will stay bullish as long as 0.8276 support holds, even in case of deep pull back.

Our Exclusive Trade Call

Action: BUY @ 0.8766

SL: 0.8600

TP1: 0.8800

TP2: 0.8810

TP3: 0.8820