EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8626; (P) 0.8650; (R1) 0.8673; More…

Intraday bias in EUR/GBP stays on the downside for 100% projection of 0.8977 to 0.8717 from 0.8874 at 0.8614. Decisive break there will extend the fall from 0.8977 through 0.8545 support to 161.8% projection at 0.8453. 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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