Published: 2024-12-20T09:00:35.000Z
Chart EUR/GBP Update: Limited tests higher
Senior Technical Strategist
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Choppy trade has given way to a sharp, (GBP-driven), bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8375 | * | 19 Nov (w) low | S1 | 0.8265 | ** | GBP/EUR 1.2100 | |
| R3 | 0.8350 | ** | congestion | S2 | 0.8223 | * | 12-19 Dec YTD low | |
| R2 | 0.8333 | * | GBP/EUR 1.2000 | S3 | 0.8215 | ** | 50% ret of 2015-2020 rally | |
| R1 | 0.8300 | congestion | S4 | 0.8203 | ** | March 2022 (y) low |
Asterisk denotes strength of level
08:45 GMT - Choppy trade has given way to a sharp, (GBP-driven), bounce, with prices currently pressuring congestion resistance at 0.8300. Intraday studies are overbought, suggesting potential for consolidation around here. But daily readings have turned up and broader weekly charts have turned mixed, suggesting potential for continuation towards strong resistance within 0.8333, (GBPEUR 1.2000), and congestion around 0.8350. This area is expected to cap any immediate tests. Meanwhile, a break back below support at 0.8265, (GBP/EUR 1.2100), would add weight to sentiment and open up the 0.8223~ current year low of 12-19 December.