Published: 2025-01-20T09:41:33.000Z
Chart EUR/GBP Update: Extending December gains
Senior Technical Strategist
-
Cautious trade has given way to fresh gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8547 | ** | GBP/EUR 1.1700 | S1 | 0.8400/03 | cong; GBP/EUR 1.1900 | ||
| R3 | 0.8500 | ** | break level | S2 | 0.8350 | ** | congestion | |
| R2 | 0.8475 | * | GBP/EUR 1.1800 | S3 | 0.8333 | * | GBP/EUR 1.2000 | |
| R1 | 0.8464 | * | 11 Sep (m) high | S4 | 0.8300 | congestion |
Asterisk denotes strength of level
09:30 GMT - Cautious trade has given way to fresh gains, with December gains currently pressuring resistance at the 0.8464 monthly high of 11 September and 0.8475, (GBP/EUR 1.1800). Daily readings have ticked higher once again and broader weekly charts are rising, highlighting room for further gains in the coming sessions. A break above this area will further improve price action and open up 0.8500. However, already overbought daily stochastics should limit any immediate continuation beyond here in profit-taking/consolidation towards 0.8547, (GBP/EUR 1.1700). Meanwhile, support remains at 0.8400/03 and is expected to underpin any immediate setbacks.