Chart EUR/GBP Update: Consolidating gains - daily studies rising
Little change, as prices extend consolidation beneath congestion resistance at 0.8720 following recent sharp gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8800 | ** | congestion | S1 | 0.8695/00 | * | GBP/EUR 1.1500; cong | |
| R3 | 0.8772 | * | GBP/EUR 1.1500 | S2 | 0.8670 | ** | congestion | |
| R2 | 0.8750 | * | congestion | S3 | 0.8645 | * | 6 Jan YTD low | |
| R1 | 0.8720 | * | congestion | S4 | 0.8620 | * | GBP/EUR 1.1600 |
Asterisk denotes strength of level
08:55 GMT - Little change, as prices extend consolidation beneath congestion resistance at 0.8720 following recent sharp gains. Intraday studies are mixed/negative, suggesting room for a test of support at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700. But rising daily stochastics and the positive daily Tension Indicator should prompt renewed buying interest towards here. A break, if seen, will turn sentiment neutral and prompt renewed buying interest/consolidation above congestion support at 0.8670. In the coming sessions, a break back above 0.8720 is looked for. Focus will then turn to congestion around 0.8750. But already overbought daily stochastics and mixed weekly charts should limit any tests in profit-taking/consolidation.