Chart EUR/GBP Update: Range extension
Little change, as prices extend consolidation following the tests of support within 0.8547, (GBP/EUR 1.1700), and the 0.8560 congestion base
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8620 | * | GBP/EUR 1.1600 | S1 | 0.8560 | congestion base | ||
| 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 | 0.8585 | * | recent range highs | S4 | 0.8520 | congestion |
Asterisk denotes strength of level
08:45 BST - Little change, as prices extend consolidation following the tests of support within 0.8547, (GBP/EUR 1.1700), and the 0.8560 congestion base. Flat daily stochastics and the daily Tension Indicator are turning down, suggesting room for fresh losses in the coming sessions. But rising weekly charts should limit any tests below 0.8547 in renewed buying interest/consolidation above the 0.8532 monthly low of 12 August.
Meanwhile, resistance remains at the 0.8585 recent range highs. A close above here would turn sentiment positive and extend July gains towards congestion around 0.8600. Still higher is the 0.8610 Fibonacci retracement, where short-term profit-taking could appear.