Chart EUR/GBP Update: Extending consolidation above strong support - background under pressure
Little change, as prices extend cautious trade around strong support at the 0.8370 fresh year low of 22 October and the 0.8375 multi-month Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8475 | * | GBP/EUR 1.1800 | S1 | 0.8375 | ** | 76.4% ret of 2024-2025 fall | |
| R3 | 0.8450 | ** | congestion | S2 | 0.8355 | ** | 29 May 2025 (m) low | |
| R2 | 0.8425 | break level | S3 | 0.8333 | * | GBP/EUR 1.2000 | ||
| R1 | 0.8400/03 | ** | congestion; GBP/EUR 1.1900 | S4 | 0.8300 | * | figure |
Asterisk denotes strength of level
09:05 BST - Little change, as prices extend cautious trade around strong support at the 0.8370 fresh year low of 22 October and the 0.8375 multi-month Fibonacci retracement. Intraday studies are mixed/positive and oversold daily stochastics are ticking higher, suggesting room for a bounce. But the bearish daily Tension Indicator and negative longer-term charts should limit any gains in renewed selling interest towards resistance at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900). An unexpected close above here will help to stabilise price action and give way to consolidation beneath 0.8425.
Following cautious trade, fresh losses are looked for. A later close below 0.8375 will add weight to already bearish price action and initially open up the 0.8355 monthly low of 29 May 2025.