Chart EUR/GBP Update: Choppy trade under pressure
The break below 0.8547, (GBP/EUR 1.1700), has bounced from 0.8532, as intraday studies turn mixed
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8685 | ** | 61.8% ret of 2023-2024 fall | S1 | 0.8547 | ** | GBP/EUR 1.1700 | |
| R3 | 0.8620 | * | GBP/EUR 1.1600 | S2 | 0.8518 | ** | 10 Apr low | |
| R2 | 0.8600 | * | congestion | S3 | 0.8500 | ** | congestion | |
| R1 | 0.8575 | * | congestion | S4 | 0.8473/75 | ** | 20 Jan (m) high; GBP/EUR 1.1800 |
Asterisk denotes strength of level
09:45 BST - The break below 0.8547, (GBP/EUR 1.1700), has bounced from 0.8532, as intraday studies turn mixed, with prices currently trading around 0.8565. Daily stochastics and the daily Tension Indicator continue to track lower, highlighting room for fresh losses in the coming sessions. A break back below 0.8547 will open up the 0.8518 low of 10 April, with a further close beneath here turning sentiment negative and extending April losses below 0.8500 towards 0.8473/75. Meanwhile, resistance is at congestion around 0.8575 and extends to 0.8600. A close above this range, if seen, will help to stabilise price action and prompt consolidation beneath 0.8620, (GBP/EUR 1.1600).