Chart EUR/GBP Update: Limited gains from fresh year low
The anticipated break below support within the 0.8545 Fibonacci retracement and 0.8547, (GBP/EUR 1.1700), has posted a fresh year low at 0.8533
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8640 | * | congestion | S1 | 0.8545/47 | ** | 50% ret; GBP/EUR 1.1700 | |
| R3 | 0.8620 | ** | GBP/EUR 1.1600 | S2 | 0.8533 | * | 7 Jul YTD low | |
| R2 | 0.8600 | ** | congestion | S3 | 0.8500/08 | ** | cong; 27 Jun 2025 (w) low | |
| R1 | 0.8575 | 2 Jul high | S4 | 0.8493 | mid-June 2025 (w) low |
Asterisk denotes strength of level
08:40 BST - The anticipated break below support within the 0.8545 Fibonacci retracement and 0.8547, (GBP/EUR 1.1700), has posted a fresh year low at 0.8533, before bouncing back into consolidation around 0.8550. Rising intraday studies and a tick higher in oversold daily stochastics highlight room for a test above here. But the bearish daily Tension Indicator and negative weekly charts should limit scope in renewed selling interest beneath the 0.8575 high of 2 July. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath congestion resistance at 0.8600. Following cautious/corrective trade, fresh losses are looked for. A later close below 0.8545/47 will add weight to sentiment and extend November losses towards 0.8500/08.