Chart EUR/GBP Update: Price action remains positive
Anticipated gains are giving way to consolidation just beneath resistance at 0.8695, (GBP/EUR 1.1500)
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8772 | GBP/EUR 1.1400 | S1 | 0.8650 | intraday congestion | |||
| R3 | 0.8766 | ** | November 2023 (m) high | S2 | 0.8620 | * | GBP/EUR 1.1600 | |
| R2 | 0.8737 | ** | 11 Apr YTD high | S3 | 0.8600 | ** | congestion | |
| R1 | 0.8695 | ** | GBP/EUR 1.1500 | S4 | 0.8547/50 | * | GBP/EUR 1.1700; cong |
Asterisk denotes strength of level
08:50 BST - Anticipated gains are giving way to consolidation just beneath resistance at 0.8695, (GBP/EUR 1.1500), as positive intraday studies flatten. A minor pullback is possible, but improving daily readings and positive weekly charts should limit any losses in renewed buying interest above congestion support at 0.8650. Following minor reactions, fresh gains are looked for. A break above 0.8695 will further improve sentiment and extend May gains towards critical resistance at the 0.8737 current year high of 11 April. Meanwhile, a close below 0.8650, if seen, will turn sentiment cautious and prompt consolidation within the 0.8600/20 range.