Chart EUR/GBP Update: Balanced above strong support - background under pressure
The anticipated test of strong support at the 0.8375 Fibonacci retracement has posted a fresh year low around 0.8370
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8475 | * | GBP/EUR 1.1800 | S1 | 0.8375 | ** | 76.4% ret of 2024-2025 fall | |
| R3 | 0.8450 | ** | congestion | S2 | 0.8355 | ** | 29 May 2025 (m) low | |
| R2 | 0.8425 | break level | S3 | 0.8333 | * | GBP/EUR 1.2000 | ||
| R1 | 0.8400/03 | ** | congestion; GBP/EUR 1.1900 | S4 | 0.8300 | * | figure |
Asterisk denotes strength of level
08:45 BST - The anticipated test of strong support at the 0.8375 Fibonacci retracement has posted a fresh year low around 0.8370, before bouncing into fresh consolidation beneath resistance at 0.8400/03. Flat oversold daily stochastics highlight room for consolidation, before the bearish daily Tension Indicator and negative weekly charts prompt fresh losses. A later close below 0.8375 will add weight to already bearish price action and open up the 0.8355 monthly low of 29 May 2025.
Meanwhile, a close above resistance at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900), if seen, will help to stabilise price action and give way to consolidation beneath 0.8425.