Wed, Feb 01, 2023 @ 05:59 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8808; (P) 0.8835; (R1) 0.8870; More…

Intraday bias in EUR/GBP remains on the upside at this point. Fall from 0.9267 might have completed at 0.8545 already. Further rally would be seen to 61.8% retracement of 0.9276 to 0.8545 at 0.8997 and possibly above. For now, this will remain the favored case as long as 4 hour 55 EMA (now at 0.8759) holds.

In the bigger picture, fall from 0.9267 is seen as 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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