Detailed FX Market Outlook and Analysis

EUR/GBP Daily Analysis 30-NOV-2022

EUR/GBP Daily Analysis

Intraday bias in EUR/GBP is mildly on the upside for a stronger recovery. But the overall outlook will remain bearish as long as the 0.8827 resistance holds. A firm break of 0.8570 will resume the decline from 0.9267, toward 0.8338 support.

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. Nevertheless, a firm break of 0.8827 resistance will turn favor to the case that such a decline is merely a correction in the up trend from 0.8201. That is, a further rally would be seen at a later stage through 0.9267.

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