EUR/GBP Daily Outlook and Analysis
During the trading session, the EUR/GBP pair’s outlook remains unbiased, given that it lingers beneath the 0.8870 resistance level even amidst the ongoing rebound. Should the pair surpass the 0.8870 mark, the next target would be the 0.8930 resistance level. A solid breakthrough at this point would signal the continuation of the broader uptrend from 0.8551 to 0.8983. However, if the pair experiences a significant drop below the 0.8723 support level, the decline from 0.8983 could resume instead.
In a broader perspective, the overall outlook still appears somewhat ambiguous, with the only exception being that the price fluctuations from 0.9273 (2022 high) form part of the long-term range pattern originating from the 0.9505 (2020 high). As long as the 0.8726 support level holds, the upward movement from 0.8551 is anticipated to extend past 0.8983. On the other hand, if the 0.8726 support level is decisively breached, it would suggest that the rebound has ended, potentially leading to a more profound decline below this support level.