EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8727; (P) 0.8747; (R1) 0.8761; More….

Intraday bias in EUR/GBP remains on the upside at this point. Current rise is part of the whole rally from 0.8491. Next target is 61.8% projection of 0.8491 to 0.8752 from 0.8648 at 0.8809. On the downside, break of 0.8687 support is needed to indicate short term topping. Otherwise, further rally remains in favor in case of retreat.

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 remain the favored case as long as 0.8648 support holds.

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