Chart EUR/GBP Update: Consolidating choppy trade
Cautious trade beneath the 0.8737 monthly high of 11 April has given way to a sharp pullback
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8765 | ** | November 2023 high | S1 | 0.8650 | ** | congestion | |
| R3 | 0.8752 | ** | 28 Jul YTD high | S2 | 0.8620 | * | GBP/EUR 1.1600 | |
| R2 | 0.8737 | ** | 11 Apr (m) high | S3 | 0.8600 | ** | cong, 38.2% ret | |
| R1 | 0.8695/00 | ** | GBP/EUR 1.1500; cong | S4 | 0.8555 | ** | 50% ret of May-Jul rally |
Asterisk denotes strength of level
09:20 BST - Cautious trade beneath the 0.8737 monthly high of 11 April has given way to a sharp pullback, with the break below 0.8695/00 reaching 0.8675, before bouncing back to 0.8690. Mixed daily readings highlight potential for consolidation into the coming sessions. But broader weekly charts are negative, pointing to room for later losses towards congestion support at 0.8650. A break beneath here will open up strong support at 0.8600 and 0.8620, (GBP/EUR 1.1600), where by-then oversold daily stochastics could prompt renewed consolidation. Meanwhile, any fresh tests above 0.8695/00 should give way to consolidation beneath critical resistance at the 0.8752 current year high of 28 July and the 0.8765 high of November 2023.