EUR/GBP Daily Analysis
The outlook for EUR/GBP remains unchanged as it continues to trade within a range. A break above 0.8864 could pave the way for a test of the 0.8924 resistance level. A solid breach of this level may lead to a continuation of the broader uptrend, which began at 0.8545, and extend to the 0.8977 high. Conversely, a significant drop below 0.8717 support could indicate a resumption of the downtrend from 0.8977.
In a more extensive context, the current perspective for EUR/GBP is somewhat uncertain, with price movements from the 2022 high at 0.9267 considered part of the long-term range pattern that began with the 2020 high at 0.9499. As long as the 0.8720 support holds, the uptrend from 0.8545 is expected to continue, potentially surpassing 0.8977. However, if the 0.8720 level is decisively broken, it could signal the completion of the rebound, opening the door for a deeper decline through this support level.
