EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8615; (P) 0.8627; (R1) 0.8644; More…

Intraday bias in EUR/GBP stays mildly on the downside for the moment. Rebound from 0.8548 should have completed, and deeper fall should be seen to retest this support first. Firm break there will target 0.8491 low. On the upside, however, above 0.8644 minor resistance will turn intraday bias neutral again.

In the bigger picture, current development suggests that down trend from 0.9267 (2022 high) is still in progress. This decline is seen as the third leg of the pattern from 0.9499 (2020 high). Break of 0.8201 will target 100% projection of 0.9499 to 0.8201 from 0.9267 at 0.7969. In any case, outlook will stay bearish as long as 0.8764 resistance holds.

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