Published: 2024-11-18T09:12:45.000Z
Chart EUR/GBP Update: Studies improving
Senior Technical Strategist
2
Cautious trade is giving way to fresh gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8447 | ** | 31 Oct (m) high | S1 | 0.8333 | * | GBP/EUR 1.2000 | |
| R3 | 0.8400/03 | cong; GBP/EUR 1.1900 | S2 | 0.8300 | congestion | |||
| R2 | 0.8375 | congestion | S3 | 0.8265 | * | GBP/EUR 1.2100 | ||
| R1 | 0.8350 | * | break level | S4 | 0.8259 | ** | 11 Nov YTD low |
Asterisk denotes strength of level
09:05 GMT - Cautious trade is giving way to fresh gains, with prices currently testing levels just above resistance at the 0.8350 break level. Daily readings continue to improve, and broader weekly charts are also turning higher, highlighting room for further strength in the coming sessions. A close above 0.8350 will open up congestion around 0.8375, with scope for extension towards stronger resistance at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900). Meanwhile, support is raised to 0.8333, (GBP/EUR 1.2000). A close beneath here would add weight to sentiment and open up congestion around 0.8300, where renewed buying interest is expected to appear.