Chart EUR/GBP Update: Leaning lower
Cautious trade within the 0.8640 - 0.8660 range is giving way to a pullback
| 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 | * | congestion | S4 | 0.8545 | ** | 50% ret of 2024-2025 rally |
Asterisk denotes strength of level
09:30 BST - Cautious trade within the 0.8640 - 0.8660 range is giving way to a pullback, as both intraday and daily studies turn down, with prices currently trading around 0.8630. Focus is turning to strong support at 0.8620, (GBP/EUR 1.1600), and the 0.8612 current year low from February-March. But by-then oversold intraday studies should limit any initial tests in consolidation, before negative weekly charts prompt further losses. A close beneath here will add weight to sentiment and extend November losses below 0.8600 towards the 0.8545 Fibonacci retracement. Meanwhile, a close back above congestion resistance at 0.8640 should be limited in consolidation beneath 0.8660.