Chart EUR/GBP Update: Strong resistance at 0.8800
Little change, as prices extend choppy trade around resistance at 0.8772, (GBP/EUR 1.1400)
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8850 | * | GBP/EUR 1.1300 | S1 | 0.8740 | break level | ||
| R3 | 0.8840 | * | 20 Nov (w) high | S2 | 0.8720 | * | congestion | |
| R2 | 0.8800 | * | break level | S3 | 0.8695/00 | * | GBP/EUR 1.1500; cong | |
| R1 | 0.8772 | * | GBP/EUR 1.1400 | S4 | 0.8670 | ** | Oct congestion lows |
Asterisk denotes strength of level
08:50 GMT - Little change, as prices extend choppy trade around resistance at 0.8772, (GBP/EUR 1.1400). Intraday readings are under pressure, highlighting room for further cautious trade, before rising daily readings prompt a fresh break above here. Focus will turn back to resistance at 0.8800. But negative weekly charts should limit any initial tests in fresh consolidation. Following corrective tests higher, fresh losses are looked for. Support remains at 0.8720/40. A break will add weight to sentiment and extend mid-November losses towards support at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700. By-then oversold daily stochastics could limit any initial tests in consolidation, before losses extend still further.