Published: 2024-10-21T08:05:27.000Z
Chart EUR/GBP Update: Consolidating fall to fresh 2024 year low
Senior Technical Strategist
1
The test of congestion support at 0.8300 has bounced from the 0.8295 fresh 2024 year low of 18 October
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.8425 | congestion | S1 | 0.8295/00 | * | 18 Oct YTD low; congestion | ||
R3 | 0.8400/03 | ** | congestion; GBP/EUR 1.1900 | S2 | 0.8265 | * | GBP/EUR 1.2100 | |
R2 | 0.8350 | break level | S3 | 0.8250 | ** | April 22 (m) low | ||
R1 | 0.8333 | * | GBP/EUR 1.2000 | S4 | 0.8215 | ** | 50% ret of 2015-2020 rally |
Asterisk denotes strength of level
08:50 BST - The test of congestion support at 0.8300 has bounced from the 0.8295 fresh 2024 year low of 18 October, as intraday studies turn higher. Prices are currently balanced around resistance at 0.8333, (GBP/EUR 1.200), but negative daily readings and deteriorating weekly charts should limit any break in renewed selling interest towards 0.8350. A close above here, if seen, would improve price action and prompt further gains towards 0.8400/03. Following cautious trade, fresh losses are looked for. A later close below 0.8295/00 will turn sentiment negative and extend long-term losses from March 2020, initially to 0.8265, (GBP/EUR 1.2100). Still deeper losses cannot be ruled out.