EUR/GBP Daily Forex Analysis
In this daily forex analysis, we observe that the EUR/GBP pair maintains a consistent neutral intraday bias. The imminent scenario is predicted to remain bearish as long as the resistance persists at 0.8697. Should the currency pair breach the 0.8542 mark, a larger downturn from 0.9017 can be expected, with projections heading towards the 0.8476 mark, which represents a 61.8% deviation from the 0.8914 to 0.8557 range.
However, a substantial breakthrough at 0.8623 may instigate a robust rebound, moving back towards the 0.8697 resistance level.
Taking a wider perspective, the ongoing downward trend from the 0.9307 mark (which is the high of 2022) is currently still in play. This downward trend is considered as part of the long-term range pattern from the 0.9539 level, which was the high in 2020. A more profound drop could take us towards the 0.8241 level, which is the 2022 low. Nevertheless, robust support is anticipated at this point, which could trigger a reversal. This will continue to be the favoured scenario as long as the 0.8697 resistance holds firm.
EUR/GBP Daily Analysis Summary
The EUR/GBP pair is exhibiting a neutral intraday bias with a foreseeable bearish trend if the resistance at 0.8697 holds. A breach of the 0.8542 mark could lead to a larger decline, while a significant breakthrough at 0.8623 may trigger a strong rebound. In the larger picture, the ongoing downward trend from 0.9307 (2022 high) is in progress, with a potential reversal at the strong support level of 0.8241.
Key Points:
- The EUR/GBP pair shows a neutral intraday bias, with a possible bearish outlook if resistance at 0.8697 continues.
- A potential larger decline may occur if the pair breaches the 0.8542 mark.
- A significant upward rebound could be triggered by a substantial breakthrough at 0.8623.
