EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8701; (P) 0.8729; (R1) 0.8747;
Intraday bias in EUR/GBP remains on the downside for the moment. Break of 0.8722 indicates resumption of whole decline from 0.9097. Further fall should be seen to 0.8620 support next. ON the upside, break of 0.8800 minor resistance is needed to indicate short term bottoming. Otherwise, near term outlook will remain bearish in case of recovery.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). On the downside, break of 0.8722 will extend the falling leg through 0.8620 support. On the upside, break of 0.9097 will target 0.9304 resistance instead.
GBP/JPY Daily Outlook
Daily Pivots: (S1) 147.76; (P) 148.23; (R1) 149.17;
Intraday bias in GBP/JPY remains on the upside as rise from 142.76 is in progress for 149.70 resistance. Break will resume the rise from 139.88 and target 153.84/156.59 resistance zone. On the downside, below 146.28 minor support will turn bias back to the downside for 142.76 again.
In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) would still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish. In that case, next target is 61.8% retracement at 135.43.
