Published: 2025-03-18T09:07:47.000Z
Chart EUR/GBP Update: Edging higher
Senior Technical Strategist
1
Cautious trade above support at 0.8400/03 is giving way to a bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8500 | ** | congestion | S1 | 0.8400/03 | ** | cong; GBP/EUR 1.1900 | |
| R3 | 0.8473/75 | ** | 20 Jan YTD high; GBP/EUR 1.1800 | S2 | 0.8370 | 14 Mar (w) low | ||
| R2 | 0.8450 | * | congestion | S3 | 0.8350 | ** | congestion | |
| R1 | 0.8430 | *- | range lows | S4 | 0.8333 | * | GBP/EUR 1.2000 |
Asterisk denotes strength of level
08:50 GMT - Cautious trade above support at 0.8400/03 is giving way to a bounce, as intraday studies turn up, with immediate focus on resistance at the 0.8430 range lows. Daily stochastics have also ticked higher, suggesting room for a break above here. But the flat daily Tension Indicator is expected to limit initial scope in consolidation beneath congestion around 0.8450, before rising weekly charts prompt a break towards critical resistance at 0.8473/75. Meanwhile, an unexpected close below 0.8400/03 would add weight to sentiment and open up a test of the 0.8370 weekly low of 14 March.