EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8710; (P) 0.8719; (R1) 0.8732; More….

Intraday bias in EUR/GBP stays neutral at this point. Consolidation from 0.8739 might still extend. But downside of retreat should be contained well above 0.8614 support to bring another rally. Firm break of 0.8739 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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