EUR/GBP Intraday Outlook 18-April-23

EUR/GBP Daily Outlook and Analysis

At present, the EUR/GBP intraday perspective maintains a neutral position. If the pair undergoes a robust break above 0.8868, it would prolong the recovery from 0.8721, targeting the 0.8928 resistance mark. Surpassing this level would indicate the end of the uneven descent that started at 0.8981, and it would set the stage for a more extensive ascent from 0.8549, reaching the 0.8981 peak. On the other hand, a clear break through the 0.8721 support might lead to the continuation of the downtrend from 0.8981.

Zooming out to a wider perspective, the overall forecast appears somewhat ambiguous, except that the price fluctuations since the 2022 high of 0.9271 are part of an extended range pattern that originated from the 2020 high of 0.9503. As long as the 0.8724 support level remains intact, the upward movement from 0.8549 is likely to persist, eventually breaking the 0.8981 barrier. Nonetheless, if the pair experiences a solid break beneath 0.8724, it would imply that the upswing has come to an end, leaving room for a more pronounced decline beyond this support threshold.