[m.youssif]

EUR/GBP




No change in EUR/GBP's outlook. At this moment, with 4 hours MACD staying negative, we'd continue to favor deeper fall. Break of 0.8533 support will indicate that whole rise from 0.8284 has likely finished after hitting medium term trend line resistance. In such case, EUR/GBP should target 0.8284/8354 support zone. On the upside, note again that sustained trading above medium term fall trend line and 0.8760 will have medium term bullish implication and should bring further rise towards 0.8940 resistance.

In the bigger picture, firstly, fall from 0.9799 is treated as correction to the larger up trend and the question is whether such correction is finished. At this point, EUR/GBP is still limited by medium term falling trend line and thus, there is no confirmation of completion of the correction yet. Another low below 0.8067 could still be seen. Even in that case, we'd continue to look for reversal signal inside 0.7693/8186 support zone. Meanwhile, break of 0.8940 will revive the case that correction from 0.9799 is already completed and will turn outlook bullish for a new high above 0.9799.

[m.youssif]

EUR/GBP




No change in EUR/GBP's outlook. At this moment, with 4 hours MACD staying negative, we'd continue to favor deeper fall. Break of 0.8533 support will indicate that whole rise from 0.8284 has likely finished after hitting medium term trend line resistance. In such case, EUR/GBP should target 0.8284/8354 support zone. On the upside, note again that sustained trading above medium term fall trend line and 0.8760 will have medium term bullish implication and should bring further rise towards 0.8940 resistance.

In the bigger picture, firstly, fall from 0.9799 is treated as correction to the larger up trend and the question is whether such correction is finished. At this point, EUR/GBP is still limited by medium term falling trend line and thus, there is no confirmation of completion of the correction yet. Another low below 0.8067 could still be seen. Even in that case, we'd continue to look for reversal signal inside 0.7693/8186 support zone. Meanwhile, break of 0.8940 will revive the case that correction from 0.9799 is already completed and will turn outlook bullish for a new high above 0.9799.