3:22 PM
EUR/GBP Daily Outlook Daily Pivots: (S1) 0.7231; (P) 0.7264; (R1) 0.7283;
At this point, we'd stay cautious on strong rebound and reversal from 0.7250/53 key support level. Above 0.7403 will turn bias to the upside for 0.7591 and above. However, sustained TRADING below 0.7250/53 will pave the way to 0.7 round number next.
In the bigger picture, the down trend from 0.9799 (2006 high) is still in progress. Cluster support of 0.7250 (61.8% retracement of 0.5680 to 0.9799 at 0.7253) was already met. We'd be cautious on rebound from there. On the upside, break of 0.7766 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of rebound. Sustained TRADING below 0.7250 will target 0.6535 key support level.
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