Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 24-MAY-2022

EUR/GBP Daily Analysis

Outlook in EUR/GBP is unchanged and intraday bias remains neutral first. The further rise will remain in favor as long as 0.8365 support holds. On the upside, the break of 0.8617 will resume the rise from 0.8201 medium-term bottoms to 0.8697 medium-term Fibonacci level. However, the break of 0.8365 will dampen this bullish view, and turn bias back to the downside instead.

In the bigger picture, a medium-term bottom could be in place at 0.8201, on bullish convergence conditions in daily and weekly MACD. A rise from there could either be a correction to the downtrend from 0.9499 (2020 high), or a medium-term uptrend itself. In either case, a further rise should be seen to 38.2% retracement of 0.9499 to 0.8201 at 0.8697. A sustained break there will target 61.8% retracement at 0.9003.

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