Sat, Mar 25, 2023 @ 20:54 GMT

EUR/GBP Weekly Outlook

EUR/GBP reversed after edging higher to 0.8924, and the break of 0.8825 argues that rebound from 0.8753 has completed. The development suggests that corrective pattern from 0.8977 is still extending and it’s probably in another falling leg. Initial bias is now mildly on the downside for 0.8753 support. On the upside, above 0.8924 will bring retest of 0.8977 instead.

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.

In the long term picture, long term range pattern is extending. But rise from 0.6935 (2015 low) is expected to extend at a later stage, to 0.9799 (2009 high).

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