Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 05-July-2022

EUR/GBP Daily Analysis

Range trading continues in EUR/GBP and intraday bias remains neutral. As long as 0.8484 support holds, further rise is in favor. A break of 0.8720 and sustained trading above 0.8697 medium-term Fibonacci level will carry a larger bullish implication. The next target is the 0.9003 Fibonacci level. However, the break of 0.8484 will indicate rejection by 0.8697 and turn the near-term outlook bearish.

In the bigger picture, rise from 0.8201 medium term bottom could could either be a correction to the down trend from 0.9499 (2020 high), or a medium term up trend itself. Sustained break of 38.2% retracement of 0.9499 to 0.8201 at 0.8697 will affirm the latter case, and pave the way to 61.8% retracement at 0.9003. However, rejection by 0.8697 will maintain medium term bearishness.

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