EUR/GBP Daily Outlook: Key Insights and Market Analysis

Friday, 12 July 2024, 07:16

The intraday bias for EUR/GBP is currently leaning towards downward movement, with a corrective recovery potentially completed at 0.8498 after rejection by the 55-day EMA. A further decline is expected to test the support level at 0.8396, with a decisive break indicating a continuation of the overall downtrend. However, a breach above the minor resistance at 0.8438 could temporarily neutralize the bearish outlook, potentially shifting the intraday bias.
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EUR/GBP Daily Outlook: Key Insights and Market Analysis

EUR/GBP Daily Outlook

The intraday bias for EUR/GBP remains bearish, with a focus on potential downside movement.

Key Points:

  • Corrective Recovery: Potential completion of a recovery phase from 0.8396 to 0.8498.
  • Support Retest: Anticipated deeper fall to retest the support level at 0.8396.
  • Continuation of Downtrend: Firm break below 0.8396 to signal resumption of the larger downtrend.

In conclusion, the EUR/GBP pair is currently poised for further downside movement unless a significant resistance level is breached, potentially altering the short-term bias towards a more neutral stance.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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