Detailed FX Market Outlook and Analysis

EUR/GBP Daily Forecast 02-MAY-2022

EUR/GBP Daily Forecast

Break of 0.8380 minor support argues that rebound from 0.8248 has completed at 0.8456 already. Intraday bias is back on the downside for 0.8248 support. On the upside, above 0.8465 will turn the focus back to 0.8511 resistance intact. A further break of 0.8511 will reaffirm that 0.8201 is a medium-term bottom, and target 0.8697 medium-term Fibonacci level next.

In the bigger picture, a medium-term bottom could be in place at 0.8201, on bullish convergence condition in daily and weekly MACD. A rise from there could either be a correction to the downtrend from 0.9499 (2020 high), or a medium-term uptrend itself. In either case, a further rise should be seen to 38.2% retracement of 0.9499 to 0.8201 at 0.8697. A sustained break there will target 61.8% retracement at 0.9003.

Latest Analysis