Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 02-MAY-2023

EUR/GBP Daily Analysis

The current intraday bias for EUR/GBP is neutral and the outlook is uncertain at the moment. If the 0.8717 support level is decisively broken, it will resume the choppy decline from 0.8977. Conversely, if the 0.8874 resistance level is broken, it will resume the rebound from 0.8717.

In terms of the bigger picture, the outlook is also mixed, with the price actions from the 2022 high of 0.9267 being part of the long-term range pattern from the 2020 high of 0.9499. As long as the 0.8720 support level remains intact, the rise from 0.8545 is expected to continue through 0.8977. However, a firm break of 0.8720 will indicate that the rebound has completed and open up the possibility of a deeper fall through this support level.

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