Thu, Mar 30, 2023 @ 08:57 GMT

EUR/GBP Mid-Day Outlook

Daily Pivots: (S1) 0.8844; (P) 0.8866; (R1) 0.8905; More…

EUR/GBP’s rise form 0.8753 resumed by breaking 0.8895 temporary top and intraday bias is back on the upside. Current development suggests that correction from 0.8977 has completed with three waves down to 0.8753. Further rally should be seen to retest 0.8977 high next. Firm break there will resume the whole rally from 0.8545.

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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