Chart EUR/GBP Update: Choppy in range
Anticipated tests higher have been pushed back sharply from congestion resistance at 0.8650
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8680 | * | congestion | S1 | 0.8620 | ** | GBP/EUR 1.1600 | |
| R3 | 0.8660 | * | congestion | S2 | 0.8612 | ** | Feb-Mar lows | |
| R2 | 0.8650 | * | congestion | S3 | 0.8600 | ** | congestion | |
| R1 | 0.8640 | * | congestion | S4 | 0.8545/47 | ** | 50% ret; GBP/EUR 1.1700 |
Asterisk denotes strength of level
08:45 BST - Anticipated tests higher have been pushed back sharply from congestion resistance at 0.8650, with prices currently balanced in cautious trade above support at 0.8620, (GBP/EUR 1.1600). Oversold daily stochastics are flattening, suggesting room for a retest of congestion resistance at 0.8640. But the bearish daily Tension Indicator and deteriorating weekly charts should limit any break, if seen, in renewed selling interest beneath 0.8660. Following cautious/corrective trade, fresh losses are looked for. Support is at 0.8620 and extends to the 0.8612 lows from February-March. However, a close below congestion around 0.8600 would add weight to price action and extend November losses towards the 0.8545 Fibonacci retracement.