Chart EUR/GBP Update: Sharp losses giving way to consolidation above strong support
Anticipated losses have reached strong support at 0.8545/47
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8640 | * | congestion | S1 | 0.8545/47 | ** | 50% ret; GBP/EUR 1.1700 | |
| R3 | 0.8620 | ** | GBP/EUR 1.1600 | S2 | 0.8500/08 | ** | cong; 27 Jun 2025 (w) low | |
| R2 | 0.8600 | ** | congestion | S3 | 0.8493 | mid-June 2025 (w) low | ||
| R1 | 0.8575 | 2 Jul high | S4 | 0.8470/75 | ** | GBP/EUR 1.1600; 61.8% ret |
Asterisk denotes strength of level
09:00 BST - Anticipated losses have reached strong support at 0.8545/47, where sharp buying interest has prompted a bounce into consolidation around 0.8565. Flat oversold daily stochastics highlight potential for further consolidation, before the bearish daily Tension Indicator and deteriorating weekly charts prompt further losses. A later close beneath here will add weight to sentiment and extend November 2025 losses towards support within the 0.8500/08 range. Oversold daily stochastics could limit any initial tests in short-covering/consolidation. Meanwhile, resistance is lowered to the 0.8575 high of 2 July. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath congestion resistance at 0.8600.