Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 05-August-2022

EUR/GBP Daily Analysis

Intraday bias in EUR/GBP has turned neutral again with a break of 0.8414 minor resistance and some consolidation would be seen. But near term outlook will stay cautiously bearish as long as the 0.8585 resistance holds. On the downside, the break of 0.8338 will resume the fall from 0.8720 and target a test on 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 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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