EUR/GBP Daily Forex Analysis
Our Daily Forex Analysis indicates that EUR/GBP is currently in a consolidation phase from the high of 2022 at 0.8517, resulting in a neutral intraday bias. A break below 0.8517 would resume the overall decline from 0.8977. On the upside, a move above the resistance level at 0.8657 would revive the rebound from 0.8517, targeting the support-turned-resistance level at 0.8717.
In the bigger picture, the downtrend from the high of 2022 at 0.9267 is still ongoing. This downtrend is considered part of a long-term range pattern that originated from the high of 2020 at 0.9499. Further downward movement could be witnessed towards the low of 2022 at 0.8201. However, it is anticipated that strong support will be encountered at that level, leading to a potential reversal. This remains the favored scenario as long as the support-turned-resistance level at 0.8717 holds.
EUR/GBP Daily Analysis Summary
Our Daily Forex Analysis indicates a neutral intraday bias for EUR/GBP, with the potential for a resumption of the overall decline if the price breaks below 0.8517. Conversely, a move above 0.8657 would revive the rebound towards 0.8717. In the bigger picture, the downtrend from the high of 2022 is still in progress, with a possible reversal anticipated around the low of 2022 at 0.8201.
Key takeaways
- EUR/GBP is in a consolidation phase, resulting in a neutral intraday bias.
- A break below 0.8517 would resume the overall decline.
- A move above 0.8657 would revive the rebound towards 0.8717.
