Chart EUR/GBP Update: Strong resistance within 0.8460/75
Anticipated GBP-driven gains have extended
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8475 | GBP/EUR 1.1800 | S1 | 0.8400/03 | ** | congestion; GBP/EUR 1.1900 | ||
| R3 | 0.8460/64 | ** | 50% ret; 11 Sep (m) high | S2 | 0.8375 | congestion | ||
| R2 | 0.8450 | * | congestion | S3 | 0.8350 | break level | ||
| R1 | 0.8447 | 31 Oct (m) high | S4 | 0.8333 | * | GBP/EUR 1.2000 |
Asterisk denotes strength of level
09:00 GMT - Anticipated GBP-driven gains have extended, with prices reaching 0.8447 before falling sharply to trade around 0.8415. Intraday studies are under pressure, suggesting room for a test below support at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900). But rising daily readings and flattening bearish weekly charts should prompt fresh buying interest towards congestion around 0.8375. Following corrective trade, focus is expected to turn to resistance at the 0.8450 Fibonacci retracement and the 0.8464 monthly high of 11 September. Just higher is 0.8475, (GBP/EUR 1.1800), but already overbought daily stochastics should limit any tests of this area in selling interest.