Thu, Mar 23, 2023 @ 17:46 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8437; (P) 0.8450; (R1) 0.8471; More…

Outlook in EUR/GBP stays bearish as long as 0.8585 resistance holds, even stronger recovery cannot be ruled out. On the downside, break of 0.8338 will resume the decline from 0.8720 to retest 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 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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