Wed, Feb 08, 2023 @ 00:52 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8597; (P) 0.8637; (R1) 0.8686; More…

EUR/GBP recovered after hitting 0.8570 support and intraday bias is back on the upside for stronger recovery. But overall outlook will remain bearish as long as 0.8827 resistance holds. Firm break of 0.8570 will resume the decline from 0.9267, towards 0.8338 support.

In the bigger picture, current development suggests that fall from 0.9267 is a down leg inside long term range pattern. Deeper fall could be seen towards 0.8201/8338 support zone. But strong support should be seen there to bring reversal. Nevertheless, firm break of 0.8827 resistance will turn favor to the case that such decline is merely a correction in the up trend from 0.8201. That is, further rally would be seen at a later stage through 0.9267.

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