EUR/GBP Intraday Analysis
The Intraday Analysis for EUR/GBP continues to remain neutral, observing a continuation in sideways trading. Should the pair move downwards and slip below 0.8547, it would aim for the 0.8506 low. A firm breach here can potentially trigger a more extensive downtrend, tracing back to the 0.8981 level. However, a robust ascend past the 0.8721 resistance can imply a more extensive reversal, with the next sight set on the 0.8878 resistance.
Zooming out for a broader Daily Analysis, the decline initiated from the 0.9271 peak in 2022 seems to be an offshoot of the extended range pattern which had its origin in the 0.9503 pinnacle of 2020. A solid crossing of the 0.8721, which previously acted as support and has now turned resistance, would indicate a possible completion of the three-wave descent to 0.8506. Surpassing 0.8981 would then set the stage for a retest of the 0.9271 high from last year. Nonetheless, if 0.8721 rebuffs the pair and a subsequent drop below 0.8506 occurs, it might steer the trajectory downwards, possibly reaching as low as the 0.8205 mark, the 2022 nadir.
Analysis Summary
The EUR/GBP pair’s intraday posture is neutral, awaiting a defining movement either below 0.8547 or above 0.8721. The broader trend hints at a revisit of the 0.9271 peak or a slide to the 2022 low at 0.8205.
Key Bullet Points:
- Immediate downside target: 0.8506.
- Pivotal resistance level: 0.8721.
- Broader context sees a potential revisit of 0.9271 high or descent to 0.8205.
