Chart EUR/GBP Update: Immediate gains to remain limited
Sharp gains are meeting selling interest just beneath the 0.8737 monthly high of 11 April
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8772 | * | GBP/EUR 1.1400 | S1 | 0.8695 | ** | GBP/EUR 1.1500 | |
| R3 | 0.8766 | ** | November 2023 high | S2 | 0.8650 | ** | congestion | |
| R2 | 0.8750~ | ** | 28 Jul YTD high | S3 | 0.8620 | * | GBP/EUR 1.1600 | |
| R1 | 0.8737 | ** | 11 Apr (m) high | S4 | 0.8600 | ** | cong, 38.2% ret |
Asterisk denotes strength of level
08:40 BST - Sharp gains are meeting selling interest just beneath the 0.8737 monthly high of 11 April, as overbought intraday studies unwind, with prices currently trading around 0.8705. Oversold daily stochastics are unwinding and the negative daily Tension Indicator is flattening, suggesting room for a later test above here. But unwinding overbought weekly stochastics are expected to limit initial scope in renewed selling interest beneath the 0.8766 high of November 2023 and 0.8772, (GBP/EUR 1.1400). Meanwhile, support is raised to 0.8695, (GBP/EUR 1.1500). A close beneath here, if seen, will delay any immediate tests higher and give way to consolidation above congestion around 0.8650.