Chart EUR/GBP Update: Critical support at 0.8295/00
The fresh test above resistance at 0.8333, (GBP/EUR 1.200), has been pushed back from beneath 0.8350
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8425 | congestion | S1 | 0.8295/00 | * | 18 Oct YTD low; congestion | ||
| R3 | 0.8400/03 | ** | congestion; GBP/EUR 1.1900 | 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
08:35 BST - The fresh test above resistance at 0.8333, (GBP/EUR 1.200), has been pushed back from beneath 0.8350, overbought intraday studies unwind, with steady losses currently trading around 0.8315. Daily stochastics are under pressure and the daily Tension Indicator continues to track lower, highlighting a developing bearish tone, and room for further losses in the coming sessions. Focus is on critical support at 0.8295/00. Negative weekly charts highlight a later break beneath here and extension of long-term losses from March 2020, initially to 0.8265, (GBP/EUR 1.2100). Meanwhile, resistance at 0.8333/50 should continue to cap any immediate tests higher.