Mon, Jun 05, 2023 @ 17:26 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8796; (P) 0.8817; (R1) 0.8843; More…

Intraday bias in EUR/GBP stays neutral first as it’s staying below 0.8864 resistance despite current recovery. On the upside, break of 0.8864 will target 0.8924 resistance first. Firm break there should resume larger rise from 0.8545 through 0.8977 high. However, decisive break of 0.8717 support will resume the decline from 0.8977 instead.

In the bigger picture, outlook remains 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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