Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 11-MAY-2022

EUR/GBP Daily Analysis

Intraday bias in EUR/GBP remains neutral for consolidation below 0.8590 temporary top. Outlook will stay bullish as long as 0.8465 resistance turned support holds. On the upside, a break of 0.8590 will resume the rise from 0.8210 medium-term bottom to 0.8697 medium-term Fibonacci level next.

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.

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