Chart EUR/GBP Update: Limited tests higher
Cautious trade is giving way to a test higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8765 | ** | November 2023 high | S1 | 0.8650 | ** | congestion | |
| R3 | 0.8752 | ** | 28 Jul YTD high | S2 | 0.8620 | * | GBP/EUR 1.1600 | |
| R2 | 0.8737 | ** | 11 Apr (m) high | S3 | 0.8600 | ** | cong, 38.2% ret | |
| R1 | 0.8695/00 | ** | GBP/EUR 1.1500; cong | S4 | 0.8555 | ** | 50% ret of May-Jul rally |
Asterisk denotes strength of level
08:55 BST - Cautious trade is giving way to a test higher, with prices currently trading just above resistance at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700. Oversold daily stochastics are flattening, suggesting potential for continuation beyond here. But the bearish daily Tension Indicator and negative weekly charts are expected to limit scope in consolidation beneath critical resistance at 0.8737/52. Following corrective trade, fresh losses are looked for. A later break below congestion support at 0.8650 will open up stronger support within 0.8620, (GBP/EUR 1.1600) and 0.8600. Already oversold daily stochastics could limit any initial tests of this range in consolidation.