EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8684; (P) 0.8720; (R1) 0.8738; More….

EUR/GBP is still holding above 0.8648 support despite current steep retreat. Intraday bias remains neutral first, and another rally is in favor. Break of 0.8764 will resume whole rebound from 0.8491. However, decisive break of 0.8687 will confirm short term topping, and turn bias back to the downside for 0.8648 support and below.

In the bigger picture, down trend from 0.9267 (2022 high) should have completed 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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