Chart EUR/GBP Update: Potential for a minor test higher
Little change, as prices extend consolidation beneath congestion resistance at 0.8650
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8715~ | * | 4-5 Mar high | S1 | 0.8613/20 | ** | 4 Feb YTD low; GBP/EUR 1.1600 | |
| R3 | 0.8695/00 | * | GBP/EUR 1.1500; cong | S2 | 0.8600 | * | congestion | |
| R2 | 0.8670 | * | congestion | S3 | 0.8547 | * | GBP/EUR 1.1700 | |
| R1 | 0.8650 | * | congestion | S4 | 0.8540 | ** | 50% ret of 2024-2025 rally |
Asterisk denotes strength of level
09:00 GMT - Little change, as prices extend consolidation beneath congestion resistance at 0.8650. Oversold daily stochastics are unwinding and the daily Tension Indicator is edging higher, suggesting room for a test above here. But bearish weekly charts should limit scope in renewed selling interest beneath further congestion around 0.8670. Following cautious/corrective trade, fresh losses are looked for. Critical support is at the 0.8613 current year low of 4 February and 0.8620, (GBP/EUR 1.1600). A later close beneath here will add weight to sentiment and extend November losses below congestion around 0.8600 towards 0.8540/47.