Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 09-MAY-2022

EUR/GBP Daily Analysis

Intraday bias in EUR/GBP remains on the upside for the moment. The current rally should now target the 0.8697 medium-term Fibonacci level next. On the downside, below 0.8500 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as the 0.8465 resistance turned support holds.

In the bigger picture, a medium-term bottom could be in place at 0.8201, on bullish convergence conditions in daily and weekly MACD. The rise from there could either be a correction to the downtrend from 0.9499 (2020 high), or a medium-term uptrend itself. In either case, a further rise should be seen to 38.2% retracement of 0.9499 to 0.8201 at 0.8697. A sustained break there will target 61.8% retracement at 0.9003.

Latest Analysis