Fri, Jun 09, 2023 @ 02:29 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8679; (P) 0.8707; (R1) 0.8752; More…

Intraday bias in EUR/GBP is neutral for consolidation above 0.8660. Still, current decline from 0.8977 is in favor to continue as the consolidation completes. Break of 0.8660 will target 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.

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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