Chart EUR/GBP Update: Short-term reactions
Anticipated gains have reached strong resistance at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8750 | ** | congestion | S1 | 0.8670 | * | congestion | |
| R3 | 0.8730 | minor congestion | S2 | 0.8650 | * | congestion | ||
| R2 | 0.8715~ | * | 4-5 Mar high | S3 | 0.8613/20 | ** | 4 Feb (m) low; GBP/EUR 1.1600 | |
| R1 | 0.8695/00 | * | GBP/EUR 1.1500; cong | S4 | 0.8600 | * | congestion |
Asterisk denotes strength of level
09:05 BST - Anticipated gains have reached strong resistance at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700, where falling intraday studies are prompting short-term reactions. Focus is turning back to congestion support at 0.8670. But rising daily readings and improving weekly charts should limit any initial tests in fresh consolidation. Following cautious/corrective trade, fresh gains are looked for. A close above 0.8695/00 will improve sentiment and extend mid-March gains towards congestion around 0.8730. Meanwhile, a close below 0.8670, if seen, will stabilise price action and prompt consolidation above further congestion around 0.8650.