EUR/GBP Daily Analysis:
Today’s pivot points are as follows: Support 1 (S1) at 0.8527, Pivot (P) at 0.8541, and Resistance 1 (R1) at 0.8553. The intraday bias for EUR/GBP has shifted to neutral due to the current recovery. Some consolidation is expected above the temporary low of 0.8529. However, further decline is anticipated as long as the resistance at 0.8582 holds. A move below 0.8529 will target the support zone of 0.8491/7.
Looking at the bigger picture, the outlook remains bearish as EUR/GBP is still below the medium-term falling trendline. This indicates that the downtrend from the 2022 high of 0.9267 is still ongoing. A clear break of the 0.8491/7 level will set the stage for a target at 0.8376, which is the 100% projection of the move from 0.8764 to 0.8497 from 0.8643.
Overall, the technical analysis suggests a bearish outlook for EUR/GBP, with a potential further decline in the near future.