Chart EUR/GBP Update: Limited scope above 0.8772
Consolidation around 0.8750 has given way to anticipated gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8850 | * | GBP/EUR 1.1300 | S1 | 0.8740 | break level | ||
| R3 | 0.8840 | * | 20 Nov (w) high | S2 | 0.8720 | * | congestion | |
| R2 | 0.8800 | * | break level | S3 | 0.8695/00 | * | GBP/EUR 1.1500; cong | |
| R1 | 0.8772 | * | GBP/EUR 1.1400 | S4 | 0.8670 | ** | Oct congestion lows |
Asterisk denotes strength of level
08:45 GMT - Consolidation around 0.8750 has given way to anticipated gains, with prices reaching resistance at 0.8772, (GBP/EUR 1.1400). Daily readings continue to rise, highlighting room for a break above here. But negative weekly charts are expected to limit any further gains in renewed selling interest towards 0.8800. Following corrective tests higher, fresh losses are looked for. Support remains at 0.8720/40. A break will add weight to sentiment and extend mid-November losses towards support at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700. By-then oversold daily stochastics could limit any initial tests in consolidation, before losses extend still further.