The EUR/GBP chart is currently facing significant resistance levels, and there is potential for a bearish reversal. Here are the key support and resistance levels:
Resistance Levels:
The 1st resistance level at 0.8621 is labeled as "An Overlap resistance." This level represents a notable area where selling pressure may increase.
The 2nd resistance level at 0.8664 is identified as "Pullback resistance," suggesting that it could act as a barrier to further upward movement.
Support Levels:
The 1st support level at 0.8557 is a critical zone for potential price reversal. It is supported by "Multi-swing low support" and further reinforced by the 78.60% Fibonacci Projection, making it a strong support area.
The 2nd support level at 0.8509 is also labeled as "Multi-swing low support," indicating its significance as a potential support zone.
