EUR/GBP Daily Outlook – Action Forex

Daily Pivots: (S1) 0.8504; (P) 0.8520; (R1) 0.8530; More….

Intraday bias in EUR/GBP stays neutral and outlook is unchanged. Further decline is expected as long as 55 D EMA (now at 0.8550) holds. Decisive break of 0.8491/7 will resume larger down trend to 0.8376 projection level next. However, sustained break of 55 D EMA will turn bias back to the upside for 0.9643 resistance instead.

In the bigger picture, outlook remains bearish as EUR/GBP is capped below medium term falling trendline. That is, down trend from 0.9267 (2022 high) is still in progress. Firm break of 0.8491/7 will target 100% projection of 0.8764 to 0.8497 from 0.8643 at 0.8376.