Chart of the day - EURGBP (24.03.2023)

The start of the European session brought increased volatility on the EUR pairs, linked to, among other things, the release of PMIs, as well as recurring concerns about the stability of the banking sector in Europe.

EURGBP quotations dived around 50 pips, reaching a key support zone at 0.8775. The area marked in green is due to the broad 1:1 geometry, measuring the 61.8% Fibonacci of the last upward wave, as well as previous price reactions. If this level is maintained, an erasure of today's discount is not excluded. On the other hand, a breakout below, could trigger a downward movement towards the 15 March docks at 0.8720.

EURGBP H1 interval. Source: xStation5