EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8580; (P) 0.8598; (R1) 0.8627; More…

Intraday bias in EUR/GBP remains neutral first. Rise from 0.8491 is seen as the third leg of the corrective pattern from 0.8502. Above 0.8609 resistance will bring stronger rise to 0.8667/8700 resistance zone. On the downside, below 0.8522 will bring retest of 0.8491 support.

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). Fall from 0.8977 is seen as the third leg. As long as 0.8700 resistance holds, further decline is still expected. Break of 0.8491 will resume the fall towards 0.8201 (2022 low). Nevertheless, firm break of 0.8700 will now be a sign of bullish reversal.

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