Published: 2024-11-15T09:17:36.000Z
Chart EUR/GBP Update: Turning higher
Senior Technical Strategist
1
Cautious trade is giving way to a sharp bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8400/03 | cong; GBP/EUR 1.1900 | S1 | 0.8300 | congestion | |||
| R3 | 0.8375 | congestion | S2 | 0.8265 | * | GBP/EUR 1.2100 | ||
| R2 | 0.8350 | * | break level | S3 | 0.8259 | ** | 11 Nov YTD low | |
| R1 | 0.8333 | * | GBP/EUR 1.2000 | S4 | 0.8249 | ** | April 2022 low |
Asterisk denotes strength of level
09:10 GMT - Cautious trade is giving way to a sharp bounce, with prices currently pressuring resistance within 0.8333, (GBP/EUR 1.2000), and 0.8350. Intraday studies are positive and daily readings have turned mixed/positive, highlighting an improvement in price action and potential for further strength in the coming sessions. A close above here will open up congestion around 0.8375, with scope for extension towards stronger resistance at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900). Meanwhile, support remains at congestion around 0.8300 and is expected to continue underpinning any immediate tests lower.