Chart EUR/GBP Update: Lower in broad range
Cautious trade has given way to a fresh pullback, with the break below 0.8580 giving way to consolidation above 0.8570
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8620 | * | GBP/EUR 1.1600 | S1 | 0.8560 | * | congestion | |
| R3 | 0.8610 | * | 38.2% ret of Nov-Jul fall | S2 | 0.8547 | ** | GBP/EUR 1.1700 | |
| R2 | 0.8600 | ** | congestion | S3 | 0.8532 | ** | 12 Aug (m) low | |
| R1 | 0.8580 | * | break level | S4 | 0.8520 | break level |
Asterisk denotes strength of level
09:05 BST - Cautious trade has given way to a fresh pullback, with the break below 0.8580 giving way to consolidation above 0.8570. Intraday studies are under pressure and the daily Tension Indicator is turning down, highlighting room for a test of congestion support at 0.8560. But the positive daily Tension Indicator and mixed/positive weekly charts should limit any deeper losses in renewed buying interest/consolidation above 0.8547, (GBP/EUR 1.1700).
Meanwhile, a close back above 0.8580 will give way to consolidation beneath strong resistance at congestion around 0.8600 and the 0.8610 Fibonacci retracement. A close above here is needed to improve sentiment and extend July gains beyond 0.8620, (GBP/EUR 1.1600), towards congestion around 0.8650.