Chart EUR/GBP Update: Choppy above year lows - studies under pressure
The push above resistance at 0.8620, (GBP/EUR 1.1600), has not been sustained
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8680 | * | congestion | S1 | 0.8612 | ** | Feb-Mar lows | |
| R3 | 0.8660 | * | congestion | S2 | 0.8600 | ** | congestion | |
| R2 | 0.8640 | * | congestion | S3 | 0.8545/47 | ** | 50% ret; GBP/EUR 1.1700 | |
| R1 | 0.8620 | ** | GBP/EUR 1.1600 | S4 | 0.8525 | congestion |
Asterisk denotes strength of level
08:50 BST - The push above resistance at 0.8620, (GBP/EUR 1.1600), has not been sustained, with prices turning lower once again as overbought intraday studies unwind, towards support at congestion around 0.8600 and the 0.8612 lows from February - March. Daily readings are bearish and broader weekly charts are coming under fresh pressure, highlighting room for further losses in the coming sessions. A close beneath here will add weight to already bearish price action and extend November losses towards the 0.8545 Fibonacci retracement. Meanwhile, a close back above 0.8620, if seen, will help to stabilise price action and prompt consolidation beneath congestion around 0.8640.