EUR/GBP Daily Analysis
No change in EUR/GBP’s outlook and further rise remains mildly in favor of 0.8827 resistance. A firm break there will argue that the decline from 0.9267 has been completed and turn the near-term outlook bullish. On the downside, the break of 0.8675 minor support will bring a retest of 0.8545 low and retain near-term bearishness.
In the bigger picture, a fall from 0.9267 is seen as 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 0.8827 resistance will favor 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 later through 0.9267.
