Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 18-August-2022

EUR/GBP Daily Analysis

Intraday bias in EUR/GBP is turned neutral first with the current recovery. On the upside, the break of 0.8491 resistance will resume the rebound from 0.8338. That would also argue that a choppy decline from 0.8720 has been completed. Bias will be back to the upside for 0.8585 resistance. On the downside, below 0.8386 should resume the fall from 0.8720 through 0.8338.

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. Break of 0.8201 will resume larger down trend from 0.9499 (2020 high). Nevertheless, sustained break of 0.8697 will affirm the case that rise from 0.8201 is a medium term up trend itself.

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