Chart EUR/GBP Update: Under pressure
Still little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8695/00 | ** | GBP/EUR 1.1500; congestion | S1 | 0.8620 | ** | GBP/EUR 1.1600 | |
| R3 | 0.8680 | * | congestion | S2 | 0.8612 | ** | Feb-Mar YTD lows | |
| R2 | 0.8660 | * | congestion | S3 | 0.8600 | ** | congestion | |
| R1 | 0.8640 | * | congestion | S4 | 0.8545 | ** | 50% ret of 2024-2025 rally |
Asterisk denotes strength of level
08:55 BST - Still little change, as mixed intraday studies keep near-term sentiment cautious following the anticipated test of strong support at 0.8620, (GBP/EUR 1.1600). Daily readings are under pressure and broader weekly charts are negative, highlighting room for a break beneath here towards the 0.8612 current year low from February-March. Mixed intraday studies could limit any initial tests in consolidation, before negative weekly charts prompt further losses. A close beneath here will add weight to sentiment and extend November losses below 0.8600 towards the 0.8545 Fibonacci retracement. Meanwhile, resistance remains at congestion around 0.8640. A close back above here, if seen, should be limited in consolidation beneath further congestion around 0.8660.