Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 11-NOV-2022

EUR/GBP Daily Analysis

Intraday bias in EUR/GBP is turned neutral against with current retreat. On the upside, the break of 0.8827 will resume the rise from 0.8570 to 0.8869. A sustained break there will pave the way back to retest at 0.9267 high. On the downside, below 0.8689 minor support will turn the bias back to the downside for 0.8570 instead.

In the bigger picture, current development suggests that a fall from 0.9267 is a down leg inside a long-term range pattern. A deeper fall could be seen towards the 0.8201/8338 support zone. But strong support should be seen there to bring reversal. Nevertheless, a firm break of 0.8869 resistance will turn favor to the case that such a decline is merely a correction in the up trend from 0.8201. That is, a further rally would be seen at a later stage through 0.9267.

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