Thu, Mar 23, 2023 @ 01:51 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8853; (P) 0.8872; (R1) 0.8889; More…

Outlook in EUR/GBP remains unchanged and intraday bias stays on the upside. Corrective fall from 0.8977 should have completed with three waves down to 0.8753, ahead of 0.8720 support. The development in turn suggests that rise from 0.8545 is not over. Further rise should be seen back to retest 0.8977 next.

In the bigger picture, outlook is rather mixed for now, except that price actions from 0.9267 (2022 high) are part of the long term range pattern from 0.9499 (2020 high). With 0.8720 support intact, rise from 0.8545 is in favor to continue through 0.8977. However, firm break of 0.8720 will argue that such rebound has completed, and open up deeper fall through this support level.

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