Published: 2024-10-28T07:27:48.000Z
Chart EUR/GBP Update: Shallow bounce from .8295/00 support
Senior Technical Strategist
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Turned up in consolidation from the .8295/00 support but bounce has seen gains checked at the .8350 resistance
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8433 | * | 3 Oct high | S1 | 0.8295/00 | * | 18 Oct YTD low; congestion | |
| R3 | 0.8400 | ** | Jun low | S2 | 0.8250 | * | Apr 2022 low | |
| R2 | 0.8382 | * | Jul low | S3 | 0.8215 | ** | 50% 2015/2020 rally | |
| R1 | 0.8350 | * | congestion | S4 | 0.8200 | ** | Mar 2022 year low |
Asterisk denotes strength of level
07:20 GMT - Turned up in consolidation from the .8295/00 support but bounce has seen gains checked at the .8350 resistance. The broad bearish structure highlight risk for break lower to extend the long-term losses from March 2020 high. Break will see room for retest of the April 2022 low at .8250. Lower still will see potential for extension to the .8215, 50% Fibonacci retracement, then the .8200, March 2022 year low. Meanwhile, resistance at the .8350 expected to cap. Would need lift over this to open up stronger bounce to resistance at the .8382/.8400, July/June lows.