Chartbook: Chart EUR/GBP: Range extension - room for a test lower in the coming weeks

Little change during 2026 Q2, with prices extend range trading above congestion support at 0.8600.

Negative weekly stochastics are flat above oversold areas, suggesting room for further consolidation.

But the weekly Tension Indicator continues to track lower, highlighting room for fresh losses into early 2026 Q3.

A close beneath 0.8600 will add weight to sentiment and extend November losses towards the 0.8545 Fibonacci retracement, with room for further continuation towards congestion around 0.8500.

Just beneath here is the 0.8470 retracement and 0.8475, (GBP/EUR 1.1800). But by-then oversold weekly stochastics could limit any initial tests of this broad 0.8470 - 0.8500 range in short-covering/consolidation.

Meanwhile, resistance remains at congestion around 0.8800 and extends to 0.8865.

Both monthly stochastics and the monthly Tension Indicator continue to fall, suggesting any immediate bounce into this range should give way to fresh profit-taking/consolidation.

Longer-term charts are rising, pointing to later gains in the coming quarters.

A close above 0.8865 is needed to turn sentiment positive and extend December 2024 gains towards psychological resistance at 0.9000 and 0.9090, (GBP/EUR 1.1000).

Beyond here is the 0.9275 year high of September 2022.

(A decisive break below the 0.8215 multi-year Fibonacci retracement would negate higher levels and complete a multi-year distribution top beneath 0.9500.)