Chart EUR/GBP Update: Consolidating - studies under pressure
The anticipated test below 0.8265, (GBP/EUR 1.2100), has bounced from 0.8250
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8375 | * | 19 Nov (w) high | S1 | 0.8265 | ** | GBP/EUR 1.2100 | |
| R3 | 0.8350 | ** | congestion | S2 | 0.8223 | * | 12 Dec YTD low | |
| R2 | 0.8333 | * | GBP/EUR 1.2000 | S3 | 0.8215 | ** | 50% ret of 2015-2020 rally | |
| R1 | 0.8300 | congestion | S4 | 0.8203 | ** | March 2022 (y) low |
Asterisk denotes strength of level
08:35 GMT - The anticipated test below 0.8265, (GBP/EUR 1.2100), has bounced from 0.8250, as oversold intraday studies turn up, with prices currently trading back above 0.8265. The rising daily Tension Indicator highlights potential for a move towards congestion resistance at 0.8300. But flattening daily stochastics and mixed/negative weekly charts are expected to prompt renewed selling interest towards here. Following any minor tests higher, fresh losses are looked for. A later break back below 0.8265 will open up strong support at the 0.8223 current year low of 12 December. But a further close below critical support within 0.8203/15 is needed to turn sentiment negative and confirm continuation of long-term bear trends.