Chart EUR/GBP Update: Limited gains
Corrective losses have met expected buying interest above congestion support at 0.8500
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8685 | ** | 61.8% ret of 2023-2024 fall | S1 | 0.8547 | ** | GBP/EUR 1.1700 | |
| R3 | 0.8620 | * | GBP/EUR 1.1600 | S2 | 0.8518 | 10 Apr low | ||
| R2 | 0.8600 | * | congestion | S3 | 0.8500 | ** | congestion | |
| R1 | 0.8575 | * | congestion | S4 | 0.8473/75 | ** | 20 Jan (m) high; GBP/EUR 1.1800 |
Asterisk denotes strength of level
08:45 BST - Corrective losses have met expected buying interest above congestion support at 0.8500, as intraday studies turn higher, with steady EUR-driven gains currently pressuring congestion resistance at 0.8575. A break above here will open up further congestion around 0.8600. But negative daily readings are expected to limit any further strength in renewed selling interest beneath 0.8620, (GBP/EUR 1.1600). Following tests higher, fresh losses are looked for. A break below 0.8547, (GBP/EUR 1.1700), will open up the 0.8518 low of 10 April. A further close beneath here will add weight to sentiment and extend losses below 0.8500 towards 0.8473/75.