Published: 2024-12-02T06:39:13.000Z
Chart EUR/GBP Update: Under pressure
Senior Technical Strategist
2
Prices remains under pressure and break of the .8300 level return focus to the .8267 and .8259 lows
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8383 | ** | Jul low | S1 | 0.8267 | 22 Nov low | ||
| R3 | 0.8375 | * | 19 Nov high | S2 | 0.8259 | ** | 11 Nov YTD low | |
| R2 | 0.8350 | * | congestion | S3 | 0.8249 | * | Apr 2022 low | |
| R1 | 0.8300/20 | * | figure, congestion | S4 | 0.8203 | ** | 7 Mar 2022 year low |
Asterisk denotes strength of level
06:30 GMT - Prices remains under pressure and break of the .8300 level return focus to the .8267 and .8259 lows. Bearish structure keep focus on the downside but reaction at the latter can be expected thougg a later break cannot be ruled out. Lower, if seen, will see room for retest of the .8249 low of April 2022 then the .8203, March 2022 year low. Meanwhile, resistance is lowered to the .8300/20 congestion area and this is expected to cap corrective bounce. Only above here will see room for stronger bounce to the .8350 congestion and .8375/.8383 area.