Sat, Feb 04, 2023 @ 12:03 GMT

EUR/GBP Mid-Day Outlook

Daily Pivots: (S1) 0.8576; (P) 0.8596; (R1) 0.8617; More…

EUR/GBP’s break of 0.8674 resistance indicates short term bottoming at 0.8545. Intraday bias is back on the upside for 0.8827 resistance. Firm break there will argue that whole decline from 0.9267 has completed and turn near term outlook bullish. Nevertheless, risk will stay mildly on the downside before break of 0.8827.

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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