Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 25-OCT-2022

EUR/GBP Daily Analysis

Range trading continues in EUR/GBP and intraday bias stays neutral. Further decline is expected with 0.8869 resistance intact. On the downside, the break of 0.8577 will resume the fall from 0.9267, toward the 0.8201/8388 support zone. However, a firm break of 0.8869 will indicate that such a decline has been completed after defending the 55-day EMA. Intraday bias will be back on the upside for retesting 0.9267 instead.

In the bigger picture, current development suggests that a fall from 0.9267 is 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.

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