Chart EUR/GBP Update: Fresh 2024 lows - strong support within 0.8196 - 0.8215
Quiet trade has drifted lower to post a fresh year low at 0.8223
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8333 | * | GBP/EUR 1.2000 | S1 | 0.8223 | fresh 2024 low | ||
| R3 | 0.8300 | congestion | S2 | 0.8215 | ** | 50% ret of 2015-2020 rally | ||
| R2 | 0.8265 | * | GBP/EUR 1.2100 | S3 | 0.8200/03 | ** | congestion; March 2022 (y) low | |
| R1 | 0.8259 | ** | 11 Nov (m) low | S4 | 0.8196 | * | GBP/EUR 1.2200 |
Asterisk denotes strength of level
08:45 GMT - Quiet trade has drifted lower to post a fresh year low at 0.8223. Oversold intraday studies are prompting short-term consolidation around here, but deteriorating daily readings and bearish weekly charts suggest potential for still further losses in the coming sessions. A break below 0.8223 will open up strong support within the 0.8215 Fibonacci retracement and 0.8196/03. But already oversold daily stochastics could limit any initial tests of this area in fresh consolidation. A break, however, will add fresh weight to sentiment and signal a more significant decline. Meanwhile, a close back above resistance at the 0.8259 monthly low of 11 November and 0.8265, (GBP/EUR 1.2100), is needed to stabilise price action and prompt consolidation beneath congestion around 0.8300.