Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 11-August-2022

EUR/GBP Daily Analysis

Intraday bias in EUR/GBP remains neutral and the outlook stays bearish with 0.8585 resistance intact. Fall from 0.8720 is expected to resume sooner or later. A break of 0.8338 will turn bias back to the downside for retesting 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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