Thu, Feb 02, 2023 @ 18:46 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8833; (P) 0.8853; (R1) 0.8870; More…

EUR/GBP continues to lose upside momentum as seen in 4 hour MACD. But further rise is in favor as long as 0.8792 support holds. Current rise from 0.8545 would target 61.8% retracement of 0.9276 to 0.8545 at 0.8997 and possibly above. However, break of 0.8792 will argue that the rebound might have completed, and turn bias back tot he downside.

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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