Tue, Aug 09, 2022 @ 13:07 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8370; (P) 0.8404; (R1) 0.8460; More…

Intraday bias in EUR/GBP is turned neutral again with break of 0.8414 minor resistance and some consolidation would be seen. But near term outlook will stay cautiously bearish as long as 0.8585 resistance holds. On the downside, break of 0.8338 will resume the fall from 0.8720 and target a test on 0.8201 low.

In the bigger picture, current development suggests rejection by 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Medium term term bearishness is maintained. Break of 0.8201 will resume larger down trend from 0.9499 (2020 high). Nevertheless, sustained break of 0.8697 will affirm the case that rise from 0.8201 is a medium term up trend itself.

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