Published: 2024-11-20T09:27:15.000Z
Chart EUR/GBP Update: Minor pullback
Senior Technical Strategist
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The pullback from congestion resistance at 0.8375 is extending in EUR-driven trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8447 | ** | 31 Oct (m) high | S1 | 0.8333 | * | GBP/EUR 1.2000 | |
| R3 | 0.8400/03 | cong; GBP/EUR 1.1900 | S2 | 0.8300 | congestion | |||
| R2 | 0.8375 | congestion | S3 | 0.8265 | * | GBP/EUR 1.2100 | ||
| R1 | 0.8350 | * | break level | S4 | 0.8259 | ** | 11 Nov YTD low |
Asterisk denotes strength of level
09:10 GMT - The pullback from congestion resistance at 0.8375 is extending in EUR-driven trade, with the break below 0.8350 giving way to a test of support at 0.8333, (GBP/EUR 1.2000). Negative intraday studies highlight room for a further test beneath here. But rising daily readings and improving weekly charts are expected to limit scope in renewed buying interest towards congestion around 0.8300. Meanwhile, resistance is lowered to the 0.8350 break level and extends to 0.8375. A close above this area is needed to turn sentiment positive and prompt a test of 0.8400/03.