Chart EUR/GBP Update: Corrective pullback
Anticipated corrective losses are extending
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8695 | * | GBP/EUR 1.1500 | S1 | 0.8575 | * | congestion | |
| R3 | 0.8685 | ** | 61.8% ret of 2023-2024 fall | S2 | 0.8547 | ** | GBP/EUR 1.1700 | |
| R2 | 0.8620 | * | GBP/EUR 1.1600 | S3 | 0.8500 | ** | congestion | |
| R1 | 0.8600 | * | congestion | S4 | 0.8473/75 | ** | 20 Jan (m) high; GBP/EUR 1.1800 |
Asterisk denotes strength of level
09:45 BST - Anticipated corrective losses are extending, with prices currently pressuring congestion support at 0.8575. Intraday studies are bearish and overbought daily stochastics are unwinding, highlighting a deterioration in sentiment and room for deeper losses. A break beneath here will open up 0.8547, (GBP/EUR 1.1700). But positive weekly charts are expected to limit any deeper losses in renewed buying interest/consolidation towards congestion around 0.8500. Meanwhile, resistance is at congestion around 0.8600 and extends to 0.8620, (GBP/EUR 1.1600). A close above here is needed to stabilise price action and prompt consolidation beneath the 0.8685/95 barrier.