Chart EUR/GBP Update: Extending losses
Anticipated losses have reached congestion support at 0.8650
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8766 | ** | November 2023 (m) high | S1 | 0.8650 | ** | congestion | |
| R3 | 0.8750~ | fresh 2025 (y) high | S2 | 0.8620 | * | GBP/EUR 1.1600 | ||
| R2 | 0.8737 | ** | 11 Apr (m) high | S3 | 0.8600 | ** | congestion | |
| R1 | 0.8695 | ** | GBP/EUR 1.1500 | S4 | 0.8547/50 | ** | GBP/EUR 1.1700; cong |
Asterisk denotes strength of level
08:55 BST - Anticipated losses have reached congestion support at 0.8650, where oversold intraday studies are prompting short-term reactions. Daily readings have turned down and overbought weekly stochastics are flattening, suggesting a deterioration in sentiment and room for still deeper losses in the coming sessions. A break beneath 0.8650 will add weight to sentiment and extend losses towards 0.8620, (GBP/EUR 1.1600), and congestion around 0.8600. Meanwhile, resistance is lowered to 0.8695, (GBP/EUR 1.1500). A close above here, if seen, will help to stabilise price action and give way to consolidation beneath the 0.8737 monthly high of 11 April.