Daily Forex Analysis – EUR/GBP
The immediate sentiment surrounding EUR/GBP seems balanced, with no significant tilt either way. Nonetheless, any decline is anticipated to stabilize comfortably over the 0.8618 support level, potentially leading to another upward swing. An assertive surge past 0.8750 could aim for the 100% projection stemming from the transition between 0.8495 and 0.8708, which, when calculated from 0.8618, precisely zeroes in on 0.8831 as the next focal point.
Taking a step back and examining broader trends, recent activity implies a likely conclusion to the overarching downtrend that began from the 2022 peak of 0.9271. The ascent starting from 0.8495 is perceived to be a part of an intrinsic pattern that had its origin in the notable 2020 apex of 0.9503. This suggests an expected continuation in the rally, potentially targeting the resistance at 0.8981 and possibly even surpassing it. As long as the support at 0.8618 remains unbroken, this scenario maintains a favourable stance.
Analysis Summary
The EUR/GBP’s current stance remains balanced, with a potential upswing in sight. Key trajectories include an anticipated target of 0.8831 and an underlying trend suggesting a rally towards 0.8981, stemming from past highs in 2020 and 2022.
Key Points
- A stable support level was observed at 0.8618.
- An anticipated near-term target is situated at 0.8831.
- Broader trends signal a potential rally, aiming for 0.8981.
