EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8697; (P) 0.8712; (R1) 0.8725; More….

EUR/GBP is staying in consolidation from 0.8739 and intraday bias remains neutral. Downside of retreat should be contained well above 0.8614 support to bring another rally. Firm break of 0.8746 will target 100% projection of 0.8491 to 0.8704 from 0.8614 at 0.8827 next.

In the bigger picture, current development suggests that whole down trend from 0.9267 (2022 high) has completed with three down to to 0.8491. Rise from 0.8491 is seen as another leg inside that pattern from 0.9499 (2020 high). Further rally should be seen to 0.8977 resistance and above. This will now remain the favored case as long as 0.8614 support holds.

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