Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 22-August-2022

EUR/GBP Daily Analysis

Intraday bias in EUR/GBP remains mildly on the upside at this point. Current development argues that a choppy fall from 0.8720 might be completed. A firm break of 100% projection of 0.8338 to 0.8491 from 0.8386 at 0.8539 will affirm this bullish case and prompt upside acceleration to 161.8% projection at 0.8634 and above. On the downside, the break of 0.8386 will resume the fall from 0.8720 through 0.8338 low instead.

In the bigger picture, medium-term bearishness is maintained with prior rejection by 38.2% retracement of 0.9499 to 0.8201 at 0.8697. A break of 0.8201 will resume a larger downtrend from 0.9499 (2020 high). Nevertheless, a sustained break of 0.8697 will affirm the case that a rise from 0.8201 is a medium-term up trend itself.

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