Tue, Mar 21, 2023 @ 00:52 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8430; (P) 0.8444; (R1) 0.8473; More

EUR/GBP’s recovery from 0.8404 was weak and intraday bias is turned neutral first. On the downside, below below 0.8404 will turn focus back to 0.8303 low. Break there will extend the whole corrective pattern from 0.9304. On the upside, above 0.8529 will resume the rebound from 0.8312 towards 0.8786 resistance. Overall, price actions form 0.9304 are seen as a corrective pattern and is extending.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. In case of deeper fall, we’d expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside. Rise from 0.6935 (2015 low) will resume at a later stage to 0.9799 (2008 high). However, sustained break of 0.8116 could bring deeper decline to next key support level at 0.7564 before the correction completes.

EUR/GBP 4 Hours Chart

EUR/GBP Daily Chart

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