Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 21-FEB-2023

EUR/GBP Daily Analysis

The current intraday bias for EUR/GBP is neutral. As long as the 0.8802 support holds, a further rally is expected. A breach of 0.8927 will lead to a 0.8977 resistance target. A firm break of this resistance level will confirm the rally from 0.8545. Conversely, if 0.8802 is broken, it will indicate a reversal and the bias will shift towards 0.8720 support.

In the larger picture, the 55 day EMA support (currently at 0.8804) indicates a bullish outlook in the short term. A break of 0.8977 resistance will result in a target of 0.9267 (2022 high) or possibly higher to continue the uptrend from 0.8201 (2022 low). However, sustained trading below the 55 day EMA will prepare for 0.8545 and below.

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