EUR/GBP Daily Outlook: Neutral Bias Amid Bearish Trends

Monday, 5 August 2024, 07:08
The intraday bias for EUR/GBP remains neutral as consolidation continues from the recent low of 0.8382. The outlook appears bearish with resistance at 0.8498 remaining intact. A decisive break below 0.8382 could trigger a larger downtrend, targeting the 138.2% projection of the previous levels at 0.8274, indicating potential further declines.
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EUR/GBP Daily Outlook: Neutral Bias Amid Bearish Trends

EUR/GBP Daily Outlook

The intraday bias in EUR/GBP stays neutral as consolidation from 0.8382 is still in progress. The outlook continues to stay bearish with 0.8498 as a significant resistance level. A firm break of 0.8382 will resume the larger downtrend with the next target aimed at the 138.2% projection from 0.8463 to 0.8497, projecting down to 0.8274.

Key Levels

  • Resistance: 0.8498
  • Support: 0.8382
  • Next Target: 0.8274

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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