Chart EUR/GBP Update: Drifting lower
Cautious trade is giving way to anticipated losses
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8695/00 | ** | GBP/EUR 1.1500; congestion | S1 | 0.8620 | ** | GBP/EUR 1.1600 | |
| R3 | 0.8680 | * | congestion | S2 | 0.8612 | ** | Feb-Mar YTD lows | |
| R2 | 0.8660 | * | congestion | S3 | 0.8600 | ** | congestion | |
| R1 | 0.8640 | intraday lows | S4 | 0.8540 | ** | 50% ret of 2024-2025 rally |
Asterisk denotes strength of level
08:45 BST - Cautious trade is giving way to anticipated losses, as intraday studies remain under pressure, with prices currently trading around 0.8630. Daily readings are turning down and broader weekly charts are deteriorating, highlighting room for further losses in the coming sessions. Focus is on strong support at 0.8620, (GBP/EUR 1.1600), and the 0.8612 current year lows from February-March. But daily stochastics are approaching oversold areas, suggesting any initial tests could give way to consolidation, before further losses are seen. Meanwhile, resistance is lowered to 0.8640. A close above here, if seen, would help to stabilise sentiment and prompt consolidation beneath congestion around 0.8660.