EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8342; (P) 0.8351; (R1) 0.8365; More…

Intraday bias in EUR/GBP stays neutral for consolidation above 0.8322 temporary low. In any case, outlook will stay bearish as long as 0.8417 resistance holds. Below 0.8322 will resume recent down trend to 0.8276 key long term support. On the upside, above 0.8417 will turn bias back to the upside for stronger rebound.

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 0.8598 resistance holds, towards long term support at 0.8276. We’d look for bottoming signal around there to bring reversal. Meanwhile, firm break of 0.8598 will now be an early sign of medium term bottoming and bring stronger rebound. However, sustained break of 0.8276 will argue that the long term trend has reversed.

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