EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8507; (P) 0.8528; (R1) 0.8558; More…

Intraday bias in EUR/GBP as it’s capped below 0.8571 resistance despite extended recovery. On the downside, break of 0.8497 will resume extend recent fall to 0.8464 projection level. Nevertheless, considering bullish convergence condition in 4H MACD, sustained break of 0.8571 will confirm short term bottoming, and turn bias back to the upside for stronger rebound.

In the bigger picture, fall from 0.8764 is seen as another leg in the whole down trend from 0.9267 (2022 high). Outlook will stay bearish as long as 0.8713 resistance holds. Break of 0.8491 will target 61.8% projection of 0.8977 to 0.8491 from 0.8764 at 0.8464.

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