Chart EUR/GBP Update: Extending gains
Choppy trade around support at 0.8547, (GBP/EUR 1.1700), has given way to a sharp push higher to resistance at the 0.8575 high of 2 July
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8650 | * | congestion | S1 | 0.8547 | ** | GBP/EUR 1.1700 | |
| R3 | 0.8620 | GBP/EUR 1.1600 | S2 | 0.8520 | congestion | |||
| R2 | 0.8600 | ** | congestion | S3 | 0.8500 | ** | congestion | |
| R1 | 0.8575 | 2 Jul high | S4 | 0.8475 | GBP/EUR 1.1800 |
Asterisk denotes strength of level
08:40 BST - Choppy trade around support at 0.8547, (GBP/EUR 1.1700), has given way to a sharp push higher to resistance at the 0.8575 high of 2 July, where unwinding overbought intraday studies are prompting fresh reactions. Daily readings have ticked higher and broader weekly charts are improving, suggesting room for still further strength in the coming sessions. A close above here will help to improve sentiment and extend gains towards congestion around 0.8600. However, already overbought daily stochastics are expected to prompt renewed selling interest towards here. Meanwhile, a break below 0.8547, if seen, should give way to consolidation above congestion support at 0.8520.