Chart EUR/GBP Update: Balanced above strong support at 0.8295/00
The anticipated break below 0.8333, (GBP/EUR 1.2000), is giving way to consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8400/03 | ** | congestion; GBP/EUR 1.1900 | S1 | 0.8295/00 | ** | 18 Oct YTD low; cong | |
| R3 | 0.8375 | congestion | S2 | 0.8265 | * | GBP/EUR 1.2100 | ||
| R2 | 0.8350 | break level | S3 | 0.8215 | ** | 50% ret of 2015-2020 rally | ||
| R1 | 0.8333 | * | GBP/EUR 1.2000 | S4 | 0.8200 | ** | congestion |
Asterisk denotes strength of level
08:45 GMT - The anticipated break below 0.8333, (GBP/EUR 1.2000), is giving way to consolidation above strong support at the 0.8295 current year low of 18 October and congestion around 0.8300. Oversold intraday studies are unwinding, suggesting potential for a test back above 0.8333 towards the 0.8350 break level. But falling daily stochastics and a tick lower in the daily Tension Indicator should prompt renewed selling interest within here. Following cautious trade, fresh losses are looked for. However, a close below 0.8295/00 is needed to turn sentiment negative and extend September 2022 losses initially to 0.8265, (GBP/EUR 1.2100). Still lower is the 0.8215 Fibonacci retracement. Meanwhile, a close above 0.8350 would help to stabilise price action and prompt consolidation beneath 0.8375.