Chart EUR/GBP Update: Choppy trade - daily studies rising
The test above resistance at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700 has been pushed back from further congestion around 0.8720
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8772 | * | GBP/EUR 1.1500 | S1 | 0.8670 | * | congestion | |
| R3 | 0.8750 | * | congestion | S2 | 0.8640 | * | congestion | |
| R2 | 0.8720 | * | congestion | S3 | 0.8620 | * | GBP/EUR 1.1600 | |
| R1 | 0.8695/00 | * | GBP/EUR 1.1500; cong | S4 | 0.8610 | ** | 50% ret of May-Nov rally |
Asterisk denotes strength of level
12:05 GMT - The test above resistance at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700 has been pushed back from further congestion around 0.8720, as intraday studies turn mixed/negative, with prices currently trading around 0.8700. Daily stochastics and the daily Tension Indicator continue to rise, highlighting room for a fresh test higher. A close above 0.8720 will open up further congestion around 0.8750. But mixed weekly charts should limit any initial tests in renewed selling interest/consolidation. Meanwhile, support is at congestion around 0.8670. A break beneath here, if seen, will help to stabilise price action and give way to consolidation above further congestion around 0.8640.