Chart EUR/GBP Update: Immediate gains to remain limited
Cautious trade has given way to a GBP-driven bounce to resistance at 0.8800
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8875 | * | April 2023 high | S1 | 0.8772 | * | GBP/EUR 1.1400 | |
| R3 | 0.8850 | * | GBP/EUR 1.1300, cong | S2 | 0.8740 | intraday break level | ||
| R2 | 0.8830 | * | 5 Nov YTD high | S3 | 0.8720 | * | congestion | |
| R1 | 0.8800 | * | figure | S4 | 0.8695/00 | * | GBP/EUR 1.1500; cong |
Asterisk denotes strength of level
08:35 GMT - Cautious trade has given way to a GBP-driven bounce to resistance at 0.8800. Rising intraday studies highlight potential for continuation towards stronger resistance at the 0.8830 current year high of 5 November. However, negative daily readings are expected to limit any initial tests in fresh consolidation. Broader weekly charts continue to rise. But a close above here is needed to turn sentiment positive and extend broad December 2024 gains initially towards strong resistance at 0.8850. Meanwhile, supporrt remains at 0.8772, (GBP/EUR 1.1400). A close beneath here, if seen, will open up support within the 0.8720/40 range, where renewed buying interest/consolidation is expected to appear.