Thu, Jun 08, 2023 @ 09:42 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8695; (P) 0.8714; (R1) 0.8733; More…

Intraday bias in EUR/GBP remains neutral for consolidation above 0.8660. Further decline is expected as long as 0.8758 resistance holds. On the downside, break of 0.8660 will resume recent decline to 100% projection of 0.8977 to 0.8717 from 0.8874 at 0.8614. Nevertheless, break of 0.8758 minor resistance will turn bias back to the upside for stronger rebound.

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 through 0.8545 support. his will now remain the favored case as long as 0.8874 resistance holds.

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