Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 28-OCT-2022

EUR/GBP Daily Analysis

Intraday bias in EUR/GBP remains neutral for the moment. Further decline is expected as long as the 0.8779 resistance holds. 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 0.8779 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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