EUR/GBP Forex Analysis
EUR/GBP has experienced a slight descent today, yet it remains within its recognized boundaries. As we delve into our Intraday Analysis for EUR/GBP, any move below 0.8547 could potentially bring into focus the 0.8506 low. A decisive plunge beyond this point might reignite the broader downtrend which initiated from 0.8981. However, a robust upward shift, crossing the 0.8721 resistance, may hint at a broader corrective reversal, setting sights on the 0.8878 resistance subsequently.
The decline that started at 0.9271, marking the high in 2022, appears to be a segment of the extensive sideways movement traced from the 0.9503 pinnacle of 2020. A conclusive surge past the 0.8721 barrier – which once acted as support and now turned resistance – could suggest the downtrend’s culmination, having descended in three waves to 0.8506. An eventual climb beyond 0.8981 might usher in a revisit to the 0.9271 peak. However, if the pair gets repelled at 0.8721 and subsequently shatters the 0.8506 floors, we might see a continuation of the decline, targeting the 0.8205 low of 2022.
Analysis Summary
EUR/GBP demonstrates a mild dip but remains within known parameters. A decisive break on either side of the current range will dictate its broader trend, with significant resistances and supports outlined from both daily and intraday perspectives.
Key Points:
- A definitive move below 0.8547 could target the 0.8506 low.
- Surpassing the 0.8721 resistance may pave the way to 0.8878.
- The broader view sees the current movement as part of a long-term range starting from the 2020 high.
