Chart EUR/GBP Update: Sharp bounce in GGP-driven trade
Cautious trade has given way to a sharp break higher in GBP-driven trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8772 | GBP/EUR 1.1400 | S1 | 0.8695/00 | ** | GBP/EUR 1.1500; cong | ||
| R3 | 0.8765 | ** | November 2023 high | S2 | 0.8650 | ** | congestion | |
| R2 | 0.8752 | ** | 28 Jul YTD high | S3 | 0.8620 | * | GBP/EUR 1.1600 | |
| R1 | 0.8737 | ** | 11 Apr (m) high | S4 | 0.8600 | ** | cong, 38.2% ret |
Asterisk denotes strength of level
08:50 BST - Cautious trade has given way to a sharp break higher in GBP-driven trade, with focus on critical resistance within the 0.8737 monthly high of 11 April and the 0.8752 current year high of 28 July. The rising daily Tension Indicator highlights potential for a test of this range. But flattening daily stochastics and mixed weekly charts are expected to prompt renewed selling interest within here. A close above 0.8737, however, will turn sentiment positive and confirm continuation of broad December 2024 gains. Meanwhile, support is raised to 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700. A close beneath here will turn sentiment neutral and prompt consolidation above congestion around 0.8650.