Published: 2024-10-29T09:09:13.000Z
Chart EUR/GBP Update: Consolidating - strong resistance at 0.8333/50
Senior Technical Strategist
-
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8400/03 | ** | congestion; GBP/EUR 1.1900 | S1 | 0.8295/00 | * | 18 Oct YTD low; congestion | |
| R3 | 0.8375 | congestion | S2 | 0.8265 | * | GBP/EUR 1.2100 | ||
| R2 | 0.8350 | break level | S3 | 0.8250 | ** | April 22 (m) low | ||
| R1 | 0.8333 | * | GBP/EUR 1.2000 | S4 | 0.8215 | ** | 50% ret of 2015-2020 rally |
Asterisk denotes strength of level
08:50 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation following the test of resistance at 0.8333, (GBP/EUR 1.2000) and the 0.8350 break level. The daily Tension Indicator is rising, highlighting potential for a fresh test of this area. But broader weekly charts are negative, suggesting any break should be limited in renewed selling interest beneath congestion around 0.8375. Meanwhile, critical support remains at 0.8295/00. A close beneath here would add weight to sentiment and extend long-term losses from March 2020, initially to 0.8265, (GBP/EUR 1.2100).