Chart EUR/GBP Update: Under pressure in both EUR- and GBP-driven trade
Cautious trade beneath congestion resistance at 0.8680 has given way to a sharp retracement in both EUR- and GBP-driven trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8695/00 | ** | GBP/EUR 1.1500; congestion | S1 | 0.8620 | ** | GBP/EUR 1.1600 | |
| R3 | 0.8680 | * | congestion | S2 | 0.8612 | ** | Feb-Mar YTD lows | |
| R2 | 0.8660 | * | congestion | S3 | 0.8600 | ** | congestion | |
| R1 | 0.8640 | * | congestion | S4 | 0.8545 | ** | 50% ret of 2024-2025 rally |
Asterisk denotes strength of level
08:50 BST - Cautious trade beneath congestion resistance at 0.8680 has given way to a sharp retracement in both EUR- and GBP-driven trade, with prices currently balanced above support at 0.8620, (GBP/EUR 1.1600). Daily stochastics and the daily Tension Indicator have turned down, and broader weekly charts have turned mixed/negative, highlighting a deterioration in sentiment and room for further losses in the coming sessions. A break below 0.8620 will open up the 0.8612 current year low of February-March. A further close beneath here will add weight to sentiment and confirm continuation of November losses below 0.8600 towards the 0.8545 Fibonacci retracement. Meanwhile, resistance is lowered to congestion around 0.8640. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath further congestion around 0.8660.