Published: 2024-10-22T07:46:22.000Z
Chart EUR/GBP Update: Consolidating - studies under pressure
Senior Technical Strategist
1
Little change, as prices extend consolidation following the test above resistance at 0.8333, (GBP/EUR 1.200)
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
08:35 BST - Little change, as prices extend consolidation following the test above resistance at 0.8333, (GBP/EUR 1.200). Intraday studies are coming under pressure and daily readings are negative, suggesting any fresh tests above here should meet renewed selling interest beneath 0.8350. However, 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. Critical support is at 0.8295/00. A close beneath here will turn sentiment negative and extend long-term losses from March 2020, initially to 0.8265, (GBP/EUR 1.2100). Negative weekly charts highlight room for still deeper losses.