Chart EUR/GBP Update: Higher in GBP-driven gains
Minor consolidation has given way to fresh anticipated GBP-driven gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8900 | * | congestion | S1 | 0.8772 | * | GBP/EUR 1.1400 | |
| R3 | 0.8875 | * | April 2023 high | S2 | 0.8740 | intraday break level | ||
| R2 | 0.8850 | * | GBP/EUR 1.1300, cong | S3 | 0.8720 | congestion | ||
| R1 | 0.8800 | * | figure | S4 | 0.8695/00 | ** | GBP/EUR 1.1500; cong |
Asterisk denotes strength of level
08:40 GMT - Minor consolidation has given way to fresh anticipated GBP-driven gains, with December 2024 gains currently posting fresh 2025 year highs around 0.8800. Daily stochastics are flat in overbought areas, suggesting room for consolidation around here. But the daily Tension Indicator continues to rise and broader weekly charts are improving, highlighting room for further strength in the coming sessions. A break above 0.8800 will open up strong resistance at 0.8850, where fresh consolidation is expected to appear. Meanwhile, support is raised to 0.8772, (GBP/EUR 1.14400). A close beneath here would add weight to sentiment and give way to consolidation within 0.8720/40.