Chart EUR/GBP Update: Leaning lower in choppy trade
Little change, as prices extend choppy trade beneath congestion resistance at 0.8650
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8752 | ** | 28 Jul YTD high | S1 | 0.8620 | * | GBP/EUR 1.1600 | |
| R3 | 0.8737 | ** | 11 Apr (m) high | S2 | 0.8600 | ** | cong, 38.2% ret | |
| R2 | 0.8695/00 | ** | GBP/EUR 1.1500; cong | S3 | 0.8555 | ** | 50% ret of May-Jul rally | |
| R1 | 0.8650 | ** | congestion | S4 | 0.8547/50 | ** | GBP/EUR 1.1700; cong |
Asterisk denotes strength of level
08:45 BST - Little change, as prices extend choppy trade beneath congestion resistance at 0.8650. Intraday studies are under pressure and daily readings are also turning down, highlighting room for fresh tests lower in the coming sessions. Support is at 0.8620, (GBP/EUR 1.1600). But already oversold daily stochastics are expected to limit any initial break beneath here in consolidation around critical support at 0.8600. Broader weekly charts are under pressure, highlighting room for a later break. A close below 0.8600 will turn sentiment outright negative and confirm a near-term top in place at the 0.8752 current year high of 28 July. Meanwhile, any tests above 0.8650 should meet fresh selling interest beneath resistance at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700.