Chart EUR/GBP Update: Critical support at 0.8492/00
The anticipated break below 0.8547/50 is meeting support just above 0.8525
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.8650 | * | congestion | S1 | 0.8525 | * | break level | |
R3 | 0.8620 | * | GBP/EUR 1.1600 | S2 | 0.8500 | ** | congestion | |
R2 | 0.8600 | * | congestion | S3 | 0.8492 | ** | 23 Aug 2023 (y) low | |
R1 | 0.8547/50 | ** | GBP/EUR 1.1700; congestion | S4 | 0.8475 | * | GBP/EUR 1.1800 | |
Asterisk denotes strength of level
08:45 BST - The anticipated break below 0.8547/50 is meeting support just above 0.8525, as oversold intraday studies unwind, with prices settling into cautious trade. Daily readings continue to track lower, however, highlighting a bearish tone and room for further losses in the coming sessions. A break below 0.8525 will open up critical support at the 0.8492 year low of 23 August 2023 and congestion around 0.8500. However, oversold daily stochastics and mixed weekly charts could limit any initial tests in fresh consolidation. Meanwhile, a close back above 0.8547/50, if seen, will turn sentiment neutral once again and prompt consolidation beneath further congestion around 0.8600.