EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8807; (P) 0.8840; (R1) 0.8856; More…

Intraday bias in EUR/GBP remains neutral first and further rally is mildly in favor as long as 0.8790 support holds. Choppy decline from 0.8977 could have completed already. Above 0.8874 will target 0.8924 resistance first. Firm break there will target 0.8977 high next. However, break of 0.8790 will turn bias back to the downside for retesting 0.8717 support again.

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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