Published: 2024-04-29T07:42:21.000Z
Chart EUR/GBP Update: Reached 0.8547/50 - daily studies leaning lower
Senior Technical Strategist
-
Anticipated losses have reached support at 0.8547/50
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
08:35 BST - Anticipated losses have reached support at 0.8547/50, where oversold intraday studies are prompting short-term reactions. Daily readings continue to track lower, however, highlighting a bearish tone and room for further losses in the coming sessions. A break beneath here will add fresh weight to price action and extend late-April losses towards 0.8525. However, mixed weekly charts are expected to limit any initial tests of here in fresh range trade. 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).