Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 05-DEC-2022

EUR/GBP Daily Analysis

Intraday bias in EUR/GBP remains mildly on the downside. The current decline from 0.9267 should target a 61.8% projection of 0.9267 to 0.8647 from 0.8827 at 0.8444 next. On the upside, above 0.8674 minor resistance will turn intraday bias neutral first. But the further decline will remain in favor as long as the 0.8827 resistance holds.

In the bigger picture, current development suggests that a fall from 0.9267 is a down leg inside a long-term range pattern. A deeper fall could be seen towards the 0.8201/8338 support zone. But strong support should be seen there to bring reversal. Nevertheless, a firm break of 0.8827 resistance will favor the case that such a decline is merely a correction in the up trend from 0.8201. That is, a further rally would be seen later through 0.9267.

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