Published: 2025-03-20T08:45:35.000Z
Chart EUR/GBP Update: Under pressure
Senior Technical Strategist
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Consolidation has given way to a break lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8473/75 | ** | 20 Jan YTD high; GBP/EUR 1.1800 | S1 | 0.8370 | * | 14 Mar (w) low | |
| R3 | 0.8450 | * | congestion | S2 | 0.8350 | ** | congestion | |
| R2 | 0.8430 | * | range lows | S3 | 0.8333 | * | GBP/EUR 1.2000 | |
| R1 | 0.8400/03 | ** | cong; GBP/EUR 1.1900 | S4 | 0.8300 | * | congestion |
Asterisk denotes strength of level
08:35 GMT - Consolidation has given way to a break lower, as intraday studies turn down, with prices currently balanced above support at 0.8370 weekly low of 14 March. Daily stochastics are also falling and the daily Tension Indicator has turned negative, highlighting a deterioration in sentiment and room for a test beneath here. Focus will then turn to 0.8333/50, but rising weekly charts could limit any initial tests in renewed consolidation. Meanwhile, resistance is lowered to congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900). A close above here is needed to stabilise price action and prompt fresh consolidation beneath 0.8430/50.