Chart EUR/GBP Update: Cautious trade - studies under pressure
Cautious trade around support at 0.8613/20 has given way to a drift higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8685 | * | 14 Apr (w) low | S1 | 0.8613/20 | ** | 4 Feb (m) low; GBP/EUR 1.1600 | |
| R3 | 0.8670 | * | congestion | S2 | 0.8600 | * | break level | |
| R2 | 0.8650 | * | congestion | S3 | 0.8547 | * | GBP/EUR 1.1700 | |
| R1 | 0.8640 | intraday lows | S4 | 0.8540 | ** | 50% ret of 2024-2025 rally |
Asterisk denotes strength of level
08:55 BST - Cautious trade around support at 0.8613/20 has given way to a drift higher, with prices testing resistance within 0.8640/50 before settling lower. Oversold daily stochastics are unwinding, suggesting immediate downside tests should be limited in consolidation above 0.8613/20. But the bearish daily Tension Indicator and negative weekly charts point to a later break. A close below 0.8613/20 will add weight to sentiment and extend November 2025 losses below 0.8600 towards strong support at the 0.8540 Fibonacci retracement and 0.8547, (GBP/EUR 1.1700). Meanwhile, any immediate tests above congestion resistance at 0.8650 should be limited in consolidation beneath congestion around 0.8670.