Chart EUR/GBP Update: Approaching 2025 year highs
Cautious trade is giving way to a test higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8772 | * | GBP/EUR 1.1400 | S1 | 0.8695 | ** | GBP/EUR 1.1500 | |
| R3 | 0.8766 | ** | November 2023 high | S2 | 0.8650 | ** | congestion | |
| R2 | 0.8752~ | ** | 28 Jul YTD high | S3 | 0.8620 | * | GBP/EUR 1.1600 | |
| R1 | 0.8737 | ** | 11 Apr (m) high | S4 | 0.8600 | ** | cong, 38.2% ret |
Asterisk denotes strength of level
08:50 BST - Cautious trade is giving way to a test higher, as intraday studies turn up, with prices currently pressuring resistance at the 0.8737 monthly high of 11 April. Daily stochastics have turned higher once again and the flat daily Tension Indicator is attempting to rise, highlighting room for a break above here towards critical resistance at the 0.8752~ current year high of 28 July. Flat overbought weekly stochastics could limit any initial tests in consolidation, before the rising weekly Tension Indicator and improving longer-term charts prompt a break. A close above 0.8752~ will turn sentiment positive and extend December gains initially to the 0.8835 high of May 2023. Meanwhile, support remains at 0.8695, (GBP/EUR 1.1500), and should underpin any immediate setbacks.