Tue, May 30, 2023 @ 10:36 GMT

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8659; (P) 0.8684; (R1) 0.8720; More…

Some volatility is seen in EUR/GBP with loss of downside momentum. But still, further decline is in favor as long as 0.8717 resistance holds. Current fall from 0.8977 should target 100% projection of 0.8977 to 0.8717 from 0.8874 at 0.8614. On the upside, however, break of 0.8717 will indicate short term bottoming, and 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. This will now remain the favored case as long as 0.8874 resistance holds.

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