EUR/GBP Daily Forex Analysis
Today’s Daily Forex Analysis brings the EUR/GBP pair into focus. The intraday outlook remains neutral, with the perspective staying bearish as long as the resistance of 0.8639 persists. A plunge through the support at 0.8521 would signal the continuation of the decline from 0.8981, aiming for the 161.8% projection of the descent from 0.8981 to 0.8721 calculated from 0.8878, at 0.8457. However, a solid breach of the 0.8639 resistance would denote short-term bottoming, leading to a more vigorous recovery to the 55 EMA, currently at 0.8665, and possibly higher.
Looking at the bigger picture in our Daily Analysis, the downward trend from the 2022 high of 0.9271 continues, considered part of the long-term range pattern from the 2020 high of 0.9503. A deeper drop could reach towards the 2022 low of 0.8205, yet robust support is anticipated to trigger a reversal at that level. As long as the support-turned-resistance at 0.8721 holds, this scenario remains the preferred one.
EUR/GBP Daily Analysis Summary
In conclusion, the intraday outlook for EUR/GBP remains neutral, with a bearish perspective. A firm break below 0.8521 could further the decline, while a break above 0.8639 might indicate short-term bottoming.
Key points
- The intraday outlook for EUR/GBP remains neutral, with the possibility of further decline if 0.8521 support is broken.
- A firm break above the resistance at 0.8639 could indicate short-term bottoming.
- The larger picture shows a persistent downward trend from the 2022 high of 0.9271, with strong support expected at 0.8205.
