Published: 2024-10-15T07:50:46.000Z
Chart EUR/GBP Update: Under pressure
Senior Technical Strategist
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Consolidation is giving way to a break lower
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.8435 | 3 Oct high | S1 | 0.8333 | * | GBP/EUR 1.2000 | ||
R3 | 0.8425 | congestion | S2 | 0.8310 | 1 Oct YTD low | |||
R2 | 0.8400/03 | ** | congestion; GBP/EUR 1.1900 | S3 | 0.8300 | * | congestion | |
R1 | 0.8350 | break level | S4 | 0.8265 | * | GBP/EUR 1.2100 |
Asterisk denotes strength of level
08:40 BST - Consolidation is giving way to a break lower, as intraday studies turn down, with prices trading below 0.8350. Daily readings are also turning down, highlighting room for a test of support at 0.8333, (GBP/EUR 1.2000). Further slippage will open up strong support at the 0.8310 current year low of 1 October, but mixed weekly charts could limit any initial tests in fresh consolidation. Meanwhile, a close back above 0.8350 would turn sentiment neutral once again and prompt fresh consolidation beneath strong resistance at 0.8400/03.