Chart EUR/GBP Update: Sharp bounce, but gains to remain limited
Anticipated selling interest has reached support at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700, where rising intraday studies are prompting a sharp bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8820 | congestion | S1 | 0.8695/00 | * | GBP/EUR 1.1500; cong | ||
| R3 | 0.8800 | ** | break level | S2 | 0.8670 | * | congestion | |
| R2 | 0.8772 | * | GBP/EUR 1.1500 | S3 | 0.8640 | * | congestion | |
| R1 | 0.8750 | * | congestion | S4 | 0.8620 | * | GBP/EUR 1.1600 |
Asterisk denotes strength of level
09:10 GMT - Anticipated selling interest has reached support at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700, where rising intraday studies are prompting a sharp bounce. Prices are currently trading around 0.8725, but negative daily readings are expected to limit any further gains in renewed selling interest/consolidation beneath congestion resistance at 0.8750. Broader weekly charts are positive. But a close above here is needed to improve sentiment and extend February gains towards 0.8772, (GBP/EUR 1.1500). Meanwhile, any immediate tests below 0.8695/00 should give way to consolidation above congestion around 0.8670.