Chart EUR/GBP Update: Consolidating - studies leaning lower
Consolidation following the test of resistance at 0.8333, (GBP/EUR 1.2000) and the 0.8350 break level has given way to a drift lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8400/03 | ** | congestion; GBP/EUR 1.1900 | S1 | 0.8295/00 | * | 18 Oct YTD low; congestion | |
| R3 | 0.8375 | congestion | S2 | 0.8265 | * | GBP/EUR 1.2100 | ||
| R2 | 0.8350 | break level | S3 | 0.8250 | ** | April 22 (m) low | ||
| R1 | 0.8333 | * | GBP/EUR 1.2000 | S4 | 0.8215 | ** | 50% ret of 2015-2020 rally |
Asterisk denotes strength of level
08:45 BST - Consolidation following the test of resistance at 0.8333, (GBP/EUR 1.2000) and the 0.8350 break level has given way to a drift lower, with prices currently balanced in fresh consolidation above critical support at the 0.8295 current year low of 18 October and congestion around 0.8300. Rising intraday studies highlight potential for a retest of 0.8333/50, but mixed/negative daily readings and negative weekly charts should prompt fresh selling interest towards here. In the coming sessions, consolidation is expected to give way to fresh losses. A later close below 0.8295/00 will add weight to sentiment and extend long-term losses from March 2020, initially to 0.8265, (GBP/EUR 1.2100).