Tue, Jan 31, 2023 @ 22:54 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8651; (P) 0.8679; (R1) 0.8698; More…

EUR/GBP’s rally resumes after brief consolidations. the break of 0.8720 resistance also indicates resumption of whole rise from 0.8201. Intraday bias is back on the upside. Next target is 100% projection of 0.8201 to 0.8720 from 0.8338 at 0.8857. On the downside, break of 0.8653 minor support will mix up the outlook and turn intraday bias neutral first.

In the bigger picture, focus is back on 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will argue that rise from 0.8201 is a medium term up trend, rather than a correction. Next target is 61.8% retracement at 0.9003. Rejection by 0.8697 again will maintain medium term bearishness, for extending the down trend from 0.9499 (2020 high) at a later stage.

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