Chart EUR/GBP Update: Under pressure - strong support at 0.8295/00
Cautious trade has given way to the anticipated fall
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8447/50 | * | 31 Oct (m) high; cong | S1 | 0.8333 | * | GBP/EUR 1.2000 | |
| R3 | 0.8400/03 | ** | congestion; GBP/EUR 1.1900 | S2 | 0.8295/00 | ** | 18 Oct YTD low; cong | |
| R2 | 0.8375 | congestion | S3 | 0.8265 | * | GBP/EUR 1.2100 | ||
| R1 | 0.8350 | break level | S4 | 0.8215 | ** | 50% ret of 2015-2020 rally |
Asterisk denotes strength of level
08:45 GMT - Cautious trade has given way to the anticipated fall, with the break below 0.8350 currently consolidating the test of 0.8333, (GBP/EUR 1.2000). Daily readings are turning down, highlighting room for continuation beneath here towards strong support at the 0.8295 current year low of 18 October and congestion around 0.8300. But oversold weekly stochastics are expected to limit any initial tests in fresh consolidation. A close beneath here, however, will turn sentiment negative and extend September 2022 losses towards the 0.8215 Fibonacci retracement. Meanwhile, resistance is lowered to 0.8350 and extends to congestion around 0.8350. A close above this area is needed to stabilise price action and prompt consolidation beneath 0.8400/03.