EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8425; (P) 0.8439; (R1) 0.8459; More…

Intraday bias in EUR/GBP is turned neutral with current recovery, and some consolidations would be seen first. Further decline is expected as long as 0.8482 support turned resistance holds. Below 0.8417 will resume larger down trend to 0.8376 projection level next. On the upside, firm break of 0.8482 will bring stronger rebound instead.

In the bigger picture, down trend from 0.9267 (2022 high) is in progress. Next target is 100% projection of 0.8764 to 0.8497 from 0.8643 at 0.8376. Sustained break there will target 161.8% projection at 0.8211 next. For now, outlook will remain bearish as long as 0.8643 resistance holds, even in case of stronger rebound.

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