Chart EUR/GBP Update: Higher towards November 2023 highs
Cautious trade has given way to a sharp break higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8800 | ** | congestion; 76.4% ret | S1 | 0.8620 | * | GBP/EUR 1.1600 | |
| R3 | 0.8750/65 | ** | congestion; Nov 2023 (m) high | S2 | 0.8600 | * | congestion | |
| R2 | 0.8695 | * | GBP/EUR 1.1700 | S3 | 0.8547 | ** | GBP/EUR 1.1700 | |
| R1 | 0.8685 | ** | 61.8% ret of 2023-2024 fall | S4 | 0.8500 | ** | congestion |
Asterisk denotes strength of level
09:05 BST - Cautious trade has given way to a sharp break higher, with prices currently consolidating above strong resistance at the 0.8685 Fibonacci retracement and 0.8695, (GBP/EUR 1.1700). Improving daily readings and rising weekly charts highlight room for continuation beyond here towards historic congestion around 0.8750 and the 0.8765 monthly high of November 2023. However, already overbought daily stochastics could limit any initial tests of this range in profit-taking/consolidation. Meanwhile, support is at 0.8620, (GBP/EUR 1.1600), and extends to congestion around 0.8600. A close beneath here would turn sentiment neutral and prompt a deeper reaction towards 0.8547, (GBP/EUR 1.1700).