Chart EUR/GBP Update: Choppy in range
The anticipated test below support at 0.8772, (GBP/EUR 1.1400), has bounced from 0.8755~
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8875 | * | April 2023 high | S1 | 0.8772 | * | GBP/EUR 1.1400 | |
| R3 | 0.8850 | * | GBP/EUR 1.1300, cong | S2 | 0.8740 | intraday break level | ||
| R2 | 0.8818 | * | 29 Oct YTD high | S3 | 0.8720 | congestion | ||
| R1 | 0.8800 | * | figure | S4 | 0.8695/00 | ** | GBP/EUR 1.1500; cong |
Asterisk denotes strength of level
08:45 GMT - The anticipated test below support at 0.8772, (GBP/EUR 1.1400), has bounced from 0.8755~, as oversold intraday studies unwind, with prices breaking back above 0.8772 to consolidate around 0.8790. Focus is on strong resistance at 0.8800 and the 0.8818 current year high of 29 October. But mixed/negative daily readings are expected to limit any initial tests in consolidation. Broader weekly charts are rising, pointing to potential for later gains. But a close above here is needed to improve price action and extend December 2024 gains initially towards strong resistance at 0.8850. Meanwhile, any fresh tests below 0.8772 should meet buying interest above support within 0.8720/40.