Chart EUR/GBP Update: Choppy trade to give way to consolidation
The anticipated test above 0.8600 has met expected selling interest beneath 0.8620, (GBP/EUR 1.1600)
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8695 | * | GBP/EUR 1.1500 | S1 | 0.8575 | * | congestion | |
| R3 | 0.8685 | ** | 61.8% ret of 2023-2024 fall | S2 | 0.8547 | ** | GBP/EUR 1.1700 | |
| R2 | 0.8620 | * | GBP/EUR 1.1600 | S3 | 0.8518 | 10 Apr low | ||
| R1 | 0.8600 | * | congestion | S4 | 0.8500 | ** | congestion |
Asterisk denotes strength of level
08:45 BST - The anticipated test above 0.8600 has met expected selling interest beneath 0.8620, (GBP/EUR 1.1600), as overbouught intraday studies turn down, with prices once again trading below 0.8600. Daily stochastics continue to fall and the positive daily Tension Indicator is flattening, highlighting potential for a drift down to congestion support at 0.8575. But positive weekly charts should limit any tests beneath here in renewed buying interest/consolidation towards 0.8547, (GBP/EUR 1.1700). Meanwhile, a break above 0.8600/20, if seen, will improve sentiment and open up a retest of the 0.8685 Fibonacci retracement and 0.8695, (GBP/EUR 1.1500).