Fri, Jun 09, 2023 @ 01:22 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8669; (P) 0.8696; (R1) 0.8713; More…

EUR/GBP’s choppy decline from 0.8977 is in progress. Intraday bias stays on the downside for 100% projection of 0.8977 to 0.8717 from 0.8874 at 0.8614. Firm break there will pave the way to 161.8% projection at 0.8453. On the upside, above 0.8745 minor resistance will turn intraday bias neutral first. But outlook will remain cautiously bearish as long as 0.8874 resistance holds.

In the bigger picture, current development argues that whole decline from 0.9267 (2022 high) is still in progress. This is part of the long term range pattern from 0.9499 (2020 high). Deeper fall would be seen to 0.8338 support, or further to 0.8201. This will now remain the favored case as long as 0.8874 resistance holds.

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