EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8385; (P) 0.8408; (R1) 0.8431; More…

EUR/GBP is still bounded in consolidation from 0.8381 and intraday bias remains neutral first. In case of another recovery, upside should be limited by 4 hour 55 EMA (now at 0.8434). On the downside, break of 0.8381 will resume larger down trend from 0.9499. Intraday bias will be back to the downside for 0.8276 key long term support.

In the bigger picture, price actions from 0.9499 (2020 high) are still seen as developing into a corrective pattern. Deeper fall could be seen as long as 0.8593 resistance holds, towards long term support at 0.8276. We’d look for bottoming signal around there to bring reversal. However, sustained break of 0.8276 will but a sign of long term bearish reversal.

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