Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 08-FEB-2023

EUR/GBP Daily Analysis

The current outlook for EUR/GBP is neutral, but bullish as long as the 0.8270 support holds. A break above 0.8977 would resume the upward trend from 0.8545 to reach 0.9071, which is the 100% projection of the 61.8% projection from 0.8720.

From a long-term perspective, the 55 day EMA at 0.8780 supports the near-term bullishness. A break above 0.8896 would target 0.9267, the 2022 high, and potentially higher. However, a break below the 0.8270 support and sustained trading below the 55 day EMA would indicate a downward trend towards 0.8545 and lower.

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