Chart EUR/GBP Update: Cautious trade
The anticipated test below 0.8333, (GBP/EUR 1.2000), has bounced from above congestion support at 0.8300
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8447 | ** | 31 Oct (m) high | S1 | 0.8333 | * | GBP/EUR 1.2000 | |
| R3 | 0.8400/03 | cong; GBP/EUR 1.1900 | S2 | 0.8300 | congestion | |||
| R2 | 0.8375 | congestion | S3 | 0.8265 | * | GBP/EUR 1.2100 | ||
| R1 | 0.8350 | * | break level | S4 | 0.8259 | ** | 11 Nov YTD low |
Asterisk denotes strength of level
09:15 GMT - The anticipated test below 0.8333, (GBP/EUR 1.2000), has bounced from above congestion support at 0.8300, as oversold intraday studies unwind, with prices once again trading around 0.8333. Rising daily stochastics are flattening, suggesting potential for a retest beneath here. But the positive daily Tension Indicator and improving weekly charts are expected to prompt renewed buying interest towards 0.8300. A close beneath here, however, will add weight to sentiment and put focus on strong support at the 0.8259 current year low of 11 November and 0.8265, (GBP/EUR 1.2100). Meanwhile, resistance remains at the 0.8350 break level. A close above here would open up congestion around 0.8375, where fresh consolidation is expected to develop.