EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8763; (P) 0.8788; (R1) 0.8820; More…

Intraday bias in EUR/GBP is turned neutral again as it recovered after dipping to 0.8753. Further decline is expected with 0.8834 resistance intact. Below 0.8753 will resume the fall form 0.8977 to 0.8720 support. Firm break there should confirm completion of whole rebound from 0.8545, and turn near term outlook bearish for this support. However, break of 0.8834 will dampen this bearish view and turn bias back to the upside for stronger rebound.

In the bigger picture, current development suggests that fall from 0.9267 (2022 high) is still in progress. Such decline is seen as a leg inside long term range pattern from 0.9499 (2020 high). Break of 0.8545 will target 100% projection of 0.9267 to 0.8545 from 0.8977 at 0.8255. On the other hand, strong rebound from current level will extend the rise from 0.8545 through 0.8977 at a later stage.

Featured Analysis

Learn Forex Trading