EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8602; (P) 0.8623; (R1) 0.8634; More…

Intraday bias in EUR/GBP is turned neutral with current retreat. Rejection by 55 D EMA retains near term bearishness. Break of 0.8517 will resume the decline from 0.8977. On the upside, above 0.8657 resistance will resume the rebound from 0.8517.

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 could 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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