Published: 2025-07-01T08:00:51.000Z
Chart EUR/GBP Update: Meeting resistance at the 0.8590 Fibonacci retracement
Senior Technical Strategist
1
Anticipated gains have reached the 0.8590 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8645 | ** | 76.4% ret of Apr-May fall | S1 | 0.8547/50 | * | GBP/EUR 1.1700; cong | |
| R3 | 0.8620 | * | GBP/EUR 1.1600 | S2 | 0.8520 | congestion | ||
| R2 | 0.8600 | ** | congestion | S3 | 0.8500 | ** | congestion | |
| R1 | 0.8590 | ** | 61.8% ret of Apr-May fall | S4 | 0.8475 | ** | GBP/EUR 1.1800 |
Asterisk denotes strength of level
08:45 BST - Anticipated gains have reached the 0.8590 Fibonacci retracement, where unwinding overbought intraday studies are prompting a pullback. Focus is turning to support at 0.8547, (GBP/EUR 1.1700), and congestion around 0.8550. But mixed/positive daily and weekly readings are expected to limit any break in consolidation above congestion around 0.8520. Following cautious trade, fresh gains are looked for. A break above 0.8590 and congestion around 0.8600 will target 0.8620, (GBP/EUR 1.1600). But the 0.8645 retracement should provide a strong barrier into any further gains.