EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8651; (P) 0.8671; (R1) 0.8701; More….

Intraday bias in EUR/GBP stays neutral first. On the upside, decisive break of 0.8700/4 resistance will resume the rebound from 0.8491, and carry larger bullish implications. Nevertheless, break of 0.8614 will turn bias to the downside to resume the fall from 0.8704 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). Decisive break of 0.8700 resistance will argue that this decline has completed with three waves down to 0.8491. Rise from 0.8491 could then be another leg inside the pattern and targets 0.8977 and above. However, rejection by 0.8700 will keep the down trend alive for another fall through 0.8491 at a later stage.

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