Thu, Feb 02, 2023 @ 17:45 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8635; (P) 0.8682; (R1) 0.8773; More…

Intraday bias in EUR/GBP remains on the upside at this point. Rebound from 0.8545 short term bottom in in progress for 0.8827 resistance. Firm break there will argue that whole decline from 0.9267 has completed and turn near term outlook bullish. On the downside, break of 0.8675 minor support will turn intraday bias neutral first.

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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