EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8506; (P) 0.8526; (R1) 0.8538; More…

EUR/GBP breached 0.8502 support but quickly recovered. Intraday bias stays neutral first. On the downside, firm break of 0.8502 will resume larger down trend. Next target is 61.8% projection of 0.8874 to 0.8502 from 0.8667 at 0.8437. On the upside, above 0.8592 minor resistance turn bias back to the upside for stronger rebound instead.

In the bigger picture, the down trend from 0.9267 (2022 high) is seen as part of the long term range pattern from 0.9499 (2020 high). Further decline is in favor as long as 0.8667 resistance holds. Break of 0.8502 will resume the fall towards 0.8201 (2022 low).

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