Chart EUR/GBP Update: Choppy trade - studies leaning lower
The anticipated test above resistance at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900), has been pushed back from 0.8418
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8475 | GBP/EUR 1.1800 | S1 | 0.8375 | congestion | |||
| R3 | 0.8460/64 | ** | 50% ret; 11 Sep (m) high | S2 | 0.8350 | break level | ||
| R2 | 0.8447/50 | * | 31 Oct (m) high; cong | S3 | 0.8333 | * | GBP/EUR 1.2000 | |
| R1 | 0.8400/03 | ** | congestion; GBP/EUR 1.1900 | S4 | 0.8295/00 | ** | 18 Oct YTD low; cong |
Asterisk denotes strength of level
08:40 GMT - The anticipated test above resistance at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900), has been pushed back from 0.8418, with prices currently trading around 0.8390. Intraday studies are under pressure and daily stochastics are also turning down, highlighting room for a drift lower towards congestion support at 0.8375. But the rising daily Tension Indicator and improving weekly charts are expected to limit any deeper losses in renewed buying interest above support at the 0.8350 break level. Meanwhile, a fresh test above 0.8400/03, if seen, should meet selling interest beneath resistance at 0.8447/50.