EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8551; (P) 0.8580; (R1) 0.8635; More…

Immediate focus is now on 0.8611 resistance in EUR/GBP. Decisive break there will confirm short term bottoming at 0.8517, stronger rebound would then be seen to 55 D EMA (now at 0.8670) and above. Nevertheless, rejection by 0.8611, will maintain near term bearishness. Further break of 0.8517 will resume the fall from 0.8977 to 161.8% projection of 0.8977 to 0.8717 from 0.8874 at 0.8453.

In the bigger picture, the down trend from 0.9267 (2022 high) is still in progress. It’s seen as part of the long term range pattern from 0.9499 (2020 high). Deeper fall would be seen towards 0.8201 (2022 low). But strong support should be seen from there to bring reversal. This will now remain the favored case as long as 0.8717 support turned resistance holds.

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