EUR/GBP Daily Outlook 30-MARCH-23

EUR/GBP Intraday Outlook and Analysis

The intraday bias in EUR/GBP remains neutral for now, with a mixed outlook. On the upside, breaking 0.8867 would target the 0.8927 resistance first. A firm break above this level should resume the larger rise from 0.8548, pushing through the 0.8980 high. However, a decisive break of the 0.8720 support would instead resume the decline from 0.8980.

In the bigger picture, the outlook remains somewhat mixed, except that price actions from 0.9270 (2022 high) are part of the long-term range pattern from 0.9502 (2020 high). As long as the 0.8723 support holds, the rise from 0.8548 is expected to continue through 0.8980. However, a firm break of 0.8723 would suggest that such a rebound has completed, opening up the possibility of a deeper fall through this support level.