Chart EUR/GBP Update: Leaning lower in range
Consolidation following the test of congestion resistance at 0.8350 is giving way to a drift lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8400/03 | * | cong; GBP/EUR 1.1900 | S1 | 0.8300 | ** | congestion | |
| R3 | 0.8378 | * | 6 Feb (w) high | S2 | 0.8270 | congestion lows | ||
| R2 | 0.8350 | ** | congestion | S3 | 0.8265 | * | GBP/EUR 1.2100 | |
| R1 | 0.8333 | * | GBP/EUR 1.2000 | S4 | 0.8222 | ** | 19 Dec 2024 (y) low |
Asterisk denotes strength of level
08:45 GMT - Consolidation following the test of congestion resistance at 0.8350 is giving way to a drift lower, as intraday studies turn down, with the break below 0.8333, (GBP/EUR 1.2000), turning sentiment neutral. Focus is on congestion around 0.8300, but mixed daily readings are expected to limit any initial tests in consolidation. However, broader weekly charts are negative, pointing to room for a later break beneath here and continuation of January losses towards 0.8265/70. Meanwhile, a close above 0.8350, if seen, would improve price action and extend corrective gains towards the 0.8378 weekly high of 6 February.