Chart EUR/GBP Update: Approaching year highs in GBP-driven trade
Cautious trade has given way to a break higher in GBP-driven trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8800 | * | congestion | S1 | 0.8695 | ** | GBP/EUR 1.1500 | |
| R3 | 0.8772 | GBP/EUR 1.1400 | S2 | 0.8650 | ** | congestion | ||
| R2 | 0.8766 | ** | November 2023 (m) high | S3 | 0.8620 | * | GBP/EUR 1.1600 | |
| R1 | 0.8737 | ** | 11 Apr YTD high | S4 | 0.8600 | ** | congestion |
Asterisk denotes strength of level
08:55 BST - Cautious trade has given way to a break higher in GBP-driven trade, as intraday studies turn higher, with focus on critical resistance at the 0.8737 current year high of 11 April. Daily readings are improving and broader weekly charts are positive, highlighting an improvement in sentiment and room for further strength in the coming sessions. A close above 0.8737 will turn sentiment outright positive and post fresh 2025 year highs, as December gains initially target the 0.8766 monthly high of November 2023 and 0.8772, (GBP/EUR 1.1400). Meanwhile, support is raised to 0.8695, (GBP/EUR 1.1500). A close beneath here, if seen, will turn sentiment neutral once again and prompt consolidation above congestion around 0.8650.