EUR/GBP Daily Analysis
The intraday bias for EUR/GBP is currently neutral, with a mixed near-term outlook. A break above 0.8864 would target the first resistance level at 0.8924. A firm break above this level would resume the larger rise from 0.8545 through the 0.8977 high. On the other hand, a decisive break below the support level at 0.8717 would resume the decline from 0.8977 instead.
In the bigger picture, the outlook for EUR/GBP remains rather mixed for now, except for the fact that price actions from the 2022 high of 0.9267 are part of the long-term range pattern from the 2020 high of 0.9499. As long as the support level at 0.8720 remains intact, the rise from 0.8545 is expected to continue through 0.8977. However, a firm break of 0.8720 would suggest that the rebound has completed and open up the possibility of a deeper fall through this support level.
