Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 02-August-2022

EUR/GBP Daily Analysis

EUR/GBP is staying in consolidation above 0.8344 and intraday bias remains neutral first. While stronger recovery cannot be ruled out, further decline is expected as long as the 0.8585 resistance holds. Below 0.8344 will resume the fall from 0.8720 for retesting 0.8201 low.

In the bigger picture, current development suggests rejection by 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Medium-term term bearishness is maintained. A break of 0.8201 will resume a larger downtrend from 0.9499 (2020 high). Nevertheless, a sustained break of 0.8697 will affirm the case that a rise from 0.8201 is a medium-term up trend itself.

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