Published: 2025-01-28T09:39:23.000Z
Chart EUR/GBP Update: Extending January losses
Senior Technical Strategist
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Cautious trade around 0.8400/03 has given way to the anticipated break
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8464 | * | 11 Sep (m) high | S1 | 0.8350 | ** | congestion | |
| R3 | 0.8450 | * | congestion | S2 | 0.8333 | * | GBP/EUR 1.2000 | |
| R2 | 0.8435 | break level | S3 | 0.8300 | ** | congestion | ||
| R1 | 0.8400/03 | cong; GBP/EUR 1.1900 | S4 | 0.8270 | congestion lows |
Asterisk denotes strength of level
09:30 GMT - Cautious trade around 0.8400/03 has given way to the anticipated break, with prices currently trading around 0.8385. Oversold intraday studies are flattening, suggesting renewed consolidation, before negative daily readings and a tick lower in overbought weekly stochastics prompt further losses towards 0.8350. Just beneath here is 0.8333, (GBP/EUR 1.2000), but by-then oversold daily stochastics are expected to prompt consolidation within here. Meanwhile, a close back above 0.8400/03 will turn price action neutral and give way to consolidation beneath 0.8435.