Chart EUR/GBP Update: Leaning lower
The anticipated test of support at 0.8640 is giving way to consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8725 | * | congestion | S1 | 0.8640 | intraday lows | ||
| R3 | 0.8695/00 | ** | GBP/EUR 1.1500; congestion | S2 | 0.8612/20 | ** | Feb-Mar YTD lows; GBP/EUR 1.1600 | |
| R2 | 0.8680 | * | congestion | S3 | 0.8600 | ** | congestion | |
| R1 | 0.8660 | * | congestion | S4 | 0.8540 | ** | 50% ret of 2024-2025 rally |
Asterisk denotes strength of level
08:45 BST - The anticipated test of support at 0.8640 is giving way to consolidation, as oversold intraday studies unwind, with prices currently balanced around 0.8645. Mixed daily readings have turned down and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A close beneath here will open up critical support within the 0.8600 - 0.8612/20 range. But by-then oversold daily stochastics could limit any initial tests in consolidation. Meanwhile, resistance remains at congestion around 0.8660. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath 0.8680.