EUR/GBP Mid-Day Outlook

Daily Pivots: (S1) 0.8828; (P) 0.8844; (R1) 0.8862; More…

EUR/GBP’s break of 0.8864 resistance indicates resumption of the rebound from 0.8717. The development also argue that choppy decline from 0.8977 has completed. Intraday bias is back on the upside for 0.8924 resistance first. Firm break there will target 0.8977 high next. On the downside, below 0.8840 minor support will turn intraday bias neutral first. But further rally will remain in favor as long as 0.8790 support holds.

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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