EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8576; (P) 0.8593; (R1) 0.8621; More…

Intraday bias in EUR/GBP is back on the upside as rebound from 0.8491 resumed. While further rally could be seen, near term outlook will stay bearish with 0.8667 resistance intact. On the downside, below 0.8559 minors support will turn bias to the downside for retesting 0.8491 low first. Firm break there will resume larger down trend.

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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