Published: 2025-01-13T08:56:34.000Z
Chart EUR/GBP Update: Extending gains
Senior Technical Strategist
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Cautious trade is giving way to anticipated gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8475 | * | GBP/EUR 1.1800 | S1 | 0.8350 | ** | congestion | |
| R3 | 0.8447 | ** | 31 Oct (m) high | S2 | 0.8333 | * | GBP/EUR 1.2000 | |
| R2 | 0.8425 | * | congestion | S3 | 0.8300 | congestion | ||
| R1 | 0.8400/03 | cong; GBP/EUR 1.1900 | S4 | 0.8265 | ** | GBP/EUR 1.2100 |
Asterisk denotes strength of level
08:45 GMT - Cautious trade is giving way to anticipated gains, with prices currently trading just above resistance at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900). Intraday studies are rising and daily readings are also positive, highlighting room for continuation of December gains towards minor congestion around 0.8425. Beyond here is the 0.8447 monthly high of 31 October, but overbought daily stochastics are expected to limit any initial tests in consolidation. Meanwhile, support remains at congestion around 0.8350 and extends to 0.8333, (GBP/EUR 1.2000). This area should continue to underpin any immediate setbacks.