EUR/GBP Update and Intraday Analysis
With a focus on the daily analysis of EUR/GBP, the intraday bias continues to favor the downside, targeting a 100% projection of the fall from 0.8981 to 0.8721 that extends from 0.8878 to 0.8618. Should there be a definitive breach of this level, the descent originating from 0.8981 could extend past the 0.8549 support level to reach a 161.8% projection at 0.8457. Conversely, should the 0.8721 level be broken, it would suggest the formation of a short-term base, subsequently shifting the bias back towards the upside for a more robust recovery.
Diving deeper into our daily update, the current trend suggests that the overall decline from the 2022 high of 0.9271 is still in progress. This is considered part of the long-term range pattern that began from the 2020 high of 0.9503. It’s anticipated that a more profound fall could transpire, surpassing the 0.8549 support level. As long as the 0.8878 resistance point remains intact, this scenario continues to be the most plausible.
- EUR/GBP intraday bias favors downside, targeting 0.8457 if 0.8618 breached
- Overall decline from 2022 high continues, deeper fall if 0.8549 support breached, 0.8878 resistance intact
USD/CAD Daily Analysis Summary
In short, the EUR/GBP intraday bias favors downside, targeting 0.8457 if 0.8618 breached. Decline from 2022 high continues, potential for deeper fall if 0.8549 support breached, 0.8878 resistance holds.
