Published: 2025-07-24T08:00:54.000Z
Chart EUR/GBP Update: Extending cautious trade
Senior Technical Strategist
2
The anticipated test of congestion support at 0.8650 is giving way to consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8772 | GBP/EUR 1.1400 | S1 | 0.8650 | intraday congestion | |||
| R3 | 0.8766 | ** | November 2023 (m) high | S2 | 0.8620 | * | GBP/EUR 1.1600 | |
| R2 | 0.8737 | ** | 11 Apr YTD high | S3 | 0.8600 | ** | congestion | |
| R1 | 0.8695 | ** | GBP/EUR 1.1500 | S4 | 0.8547/50 | * | GBP/EUR 1.1700; cong |
Asterisk denotes strength of level
08:50 BST - The anticipated test of congestion support at 0.8650 is giving way to consolidation, as oversold intraday studies unwind, with prices currently balanced around 0.8670. Daily readings are mixed/negative, suggesting potential for a fresh test of 0.8650. But rising weekly charts are expected to limit any break in renewed buying interest above 0.8620, (GBP/EUR 1.1600). Following cautious trade, fresh gains are looked for. A later break above 0.8695, (GBP/EUR 1.1500), will improve sentiment and extend May gains towards critical resistance at the 0.8737 current year high of 11 April.