[m.youssif]

As noted before, a short term top is formed in EUR/GBP at 0.9041 and intraday bias remains mildly on the downside for 0.8857. Break will confirm this case and bring deeper pull back towards 38.2% retracement of 0.8284 to 0.9041 at 0.8752. On the upside, break of 0.9401 is needed to confirm rally resumption. Otherwise, we'd expect more consolidation with risk of another fall even in case of recovery.

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]

As noted before, a short term top is formed in EUR/GBP at 0.9041 and intraday bias remains mildly on the downside for 0.8857. Break will confirm this case and bring deeper pull back towards 38.2% retracement of 0.8284 to 0.9041 at 0.8752. On the upside, break of 0.9401 is needed to confirm rally resumption. Otherwise, we'd expect more consolidation with risk of another fall even in case of recovery.

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.