Published: 2024-11-13T09:34:58.000Z
Chart EUR/GBP Update: Consolidating smart gains
Senior Technical Strategist
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Consolidation beneath 0.8300 has given way to a sharp break higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8400/03 | cong; GBP/EUR 1.1900 | S1 | 0.8300 | congestion | |||
| R3 | 0.8375 | congestion | S2 | 0.8265 | * | GBP/EUR 1.2100 | ||
| R2 | 0.8350 | break level | S3 | 0.8259 | * | 11 Nov YTD low | ||
| R1 | 0.8333 | * | GBP/EUR 1.2000 | S4 | 0.8249 | ** | April 2022 low |
Asterisk denotes strength of level
09:10 GMT - Consolidation beneath 0.8300 has given way to a sharp break higher, with prices currently balanced in cautious trade around resistance at 0.8333, (GBP/EUR 1.2000). Oversold daily stochastics are ticking higher and the bearish daily Tension Indicator is flattening, suggesting potential for still further gains in the coming sessions. However, a close above resistance at the 0.8350 break level is needed to improve price action and extend gains initially to congestion around 0.8375. Meanwhile, a close back below congestion support at 0.8300 will open up support within 0.8259/65, where fresh consolidation is expected to appear.