EUR/GBP Analysis
The intraday bias in EUR/GBP maintains a neutral stance momentarily, anticipating a further decline with the resilience of the 0.8648 support-turned-resistance. A breach of 0.8548 is poised to reignite the descent from 0.8764, setting the stage for a move towards the 0.8491 support. A decisive breakthrough at this level will revive the overarching downtrend. Conversely, a sustained breach of 0.8648 will pivot the bias towards an upside trajectory, fostering a robust rebound.
The prevailing scenario indicates the ongoing progression of the downtrend from the 2022 high of 0.9267. This decline is the third leg within the pattern originating from the 2020 high of 0.9499. A breach of 0.8201 is projected to target the 100% projection of the range from 0.9499 to 0.8201, calculated from 0.9267, aligning at 0.7969. Irrespective, the bearish outlook prevails as long as the 0.8764 resistance remains unbreached.
Analysis Summary
The intraday bias in EUR/GBP is neutral, poised for a potential decline with the critical 0.8648 resistance. A breach of 0.8548 may revive the descent, targeting 0.8491 support. The larger picture indicates an ongoing downtrend from the 2022 high, with a bearish outlook unless the 0.8764 resistance is breached.
Key Points
- Intraday bias neutral; potential decline with 0.8648 resistance in focus.
- A break of 0.8548 may reignite descent, targeting 0.8491 support.
- There is a larger downtrend from the 2022 high; bearish outlook unless the 0.8764 resistance is breached.
