EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8500; (P) 0.8509; (R1) 0.8516; More…

Intraday bias in EUR/GBP remains neutral at this point. Further decline is expected as long as 0.8531 minor resistance holds. Decisive break of 0.8491/7 will resume larger down trend to 0.8376 projection level next. On the upside, break of 0.8531 will turn bias back to the upside for stronger rebound.

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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