Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 23-JAN-2023

EUR/GBP Daily Analysis

Intraday bias in EUR/GBP remains neutral at this point. On the downside, below 0.8720 will resume the fall from 0.8896 to 61.8% retracement of 0.8545 to 0.8896 at 0.8679. Sustained break there will pave the way back to retest 0.8545 low. On the upside, though, above 0.8802 will bring a retest of 0.8896 resistance.

In the bigger picture, current development argues that the rebound from 0.8545 is merely a correction to fall from 0.9267. Sustained trading below 55-day EMA (now at 0.8748) will affirm this bearish case and target 0.8545 and below. Nevertheless, a strong rebound from the current level will retain near-term bullishness for another rise through 0.8896 later.

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