Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 19-MAY-2023

EUR/GBP Daily Analysis 19/5

EUR/GBP Update and Intraday Analysis

In today’s Daily analysis, we observe a continued neutral stance in the EUR/GBP market, with ongoing consolidation from the revised figure of 0.8664. As part of the daily analysis, we predict a further drop, provided the resistance benchmark of 0.8762 continues to prevail. In the event of a downward trajectory, breaking through the 0.8664 threshold could reignite the recent descent to meet the 100% projection of 0.8981 to 0.8721 derived from 0.8878, settling at 0.8618.

However, shattering the minor resistance of 0.8762 could potentially realign the market bias towards a robust recovery. In such a scenario, the keyword for the daily update would be an ‘upswing’.

Looking at the wider picture from a daily analysis perspective, the ongoing development suggests that the comprehensive dip, starting from 0.9271, 2022’s high, is yet to reach completion. This could be a segment of the extensive range pattern that originates from 0.9503, a high point in 2020. The daily update further suggests the possibility of a deeper fall that might penetrate the support level of 0.8549.

As per our intraday analysis, the expected scenario leans towards this outcome as long as the resistance of 0.8878 persists. The anticipation of this outcome presents a thorough understanding of the daily analysis, demonstrating the nuances of the market trend in the context of our daily update.

To recap, the intraday analysis for EUR/GBP shows a neutral bias, with potential for further decline or a rebound, depending on resistance levels. This illustrates the importance of closely monitoring our daily updates and comprehensive daily analysis for accurate insights and potential strategies in navigating the forex market.

Latest Analysis