EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8527; (P) 0.8545; (R1) 0.8567; More…

Range trading continues in EUR/GBP and intraday bias stays neutral. On the upside, decisive break of 0.8577 resistance and 55 D EMA (now at 0.8572) will argue that fall from 0.8764 has completed. Intraday bias will be back on the upside for rebound towards 0.8713 resistance. Nevertheless, firm break of 0.8491/7 support zone will confirm larger down trend resumption.

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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