EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8495; (P) 0.8519; (R1) 0.8535; More…

Intraday bias in EUR/GBP remains on the downside at this point. Firm break of 0.8491/7 support zone will confirm larger down trend resumption. Next target is 0.8376 projection level next. On the upside though, above 0.8540 minor resistance will delay the bearish case and turn intraday bias neutral first.

In the bigger picture, outlook remains bearish as EUR/GBP is capped below medium term falling trendline. That is, down trend from 0.9267 (2022 high) is still in progress. Firm break of 0.8491/7 will target 100% projection of 0.8764 to 0.8497 from 0.8643 at 0.8376.

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