EUR/GBP Daily Outlook 03-April-223

EUR/GBP Intraday Outlook and Analysis

The intraday bias for EUR/GBP currently maintains a neutral stance. On the upside, surpassing 0.8867 will aim for the 0.8927 resistance level first. A firm break at this point should resume the more extensive ascent from 0.8548 through the 0.8980 high. However, a decisive breach of the 0.8720 support will reignite the decline from 0.8980.

In the broader picture, the outlook remains somewhat mixed for the time being, except for the fact that price movements from 0.9270 (2022 high) are part of the long-term range pattern that began at 0.9502 (2020 high). With the 0.8723 support intact, the rise from 0.8548 is expected to continue through 0.8980. Nevertheless, a firm break below 0.8723 will suggest that the rebound has concluded, potentially leading to a deeper fall through this support level.