Published: 2024-04-15T07:52:23.000Z
Chart EUR/GBP Update: Attempting to stabilise
Senior Technical Strategist
1
The fall towards support at 0.8525 has met buying interest just above here
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.8620 | * | GBP/EUR 1.1600 | S1 | 0.8525 | * | break level | |
R3 | 0.8600/05 | * | congestion; 50% ret of Dec-Feb fall | S2 | 0.8492/00 | ** | Aug 23 (y) low; congestion | |
R2 | 0.8578 | * | 20 Feb (m) high | S3 | 0.8455 | ** | 76.4% ret of 2022-2023 rally | |
R1 | 0.8547/50 | ** | GBP/EUR 1.1700; congestion | S4 | 0.8400 | ** | congestion | |
Asterisk denotes strength of level
08:40 BST - The fall towards support at 0.8525 has met buying interest just above here, with prices currently balanced in cautious trade around resistance at 0.8547/50. A break above here cannot be ruled out, but negative daily readings are expected to limit initial scope in consolidation beneath the 0.8578 monthly high of 20 February. Following cautious trade, a fresh test lower is possible. However, rising weekly charts should limit any break below 0.8525 in short-covering/consolidation above critical support at 0.8492/00.