Published: 2024-04-25T07:50:54.000Z
Chart EUR/GBP Update: Lower in GBP-driven trade
Senior Technical Strategist
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Cautious trade is giving way to a sharp pullback in GBP-driven trade
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.8665 | ** | 76.4% ret of Dec-Feb fall | S1 | 0.8547/50 | ** | GBP/EUR 1.1700; congestion | |
R3 | 0.8650 | * | congestion | S2 | 0.8525 | * | break level | |
R2 | 0.8620 | * | GBP/EUR 1.1600 | S3 | 0.8500 | ** | congestion | |
R1 | 0.8600 | * | congestion | S4 | 0.8492 | ** | 23 Aug 2023 (y) low | |
Asterisk denotes strength of level
08:45 BST - Cautious trade is giving way to a sharp pullback in GBP-driven trade, with prices currently trading around 0.8475. Intraday studies have ticked down and daily readings continue to fall, highlighting a bearish tone and room for further losses in the coming sessions. Focus is turning to support at 0.8547/50, but mixed weekly charts are expected to limit any initial tests in fresh consolidation. Meanwhile, resistance remains at congestion around 0.8600. An unexpected close above here will turn sentiment neutral and prompt consolidation beneath 0.8620, (GBP/EUR 1.1600).