Chart EUR/GBP Update: Choppy trade
The anticipated break below congestion support at 0.8650 has bounced from 0.8635
| 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
08:45 BST - The anticipated break below congestion support at 0.8650 has bounced from 0.8635, as oversold intraday studies unwind, with prices once again trading above 0.8650. Daily stochastics are falling and the daily Tension Indicator is coming under pressure, highlighting room for a fresh break beneath here. Focus will then turn to support within congestion around 0.8600 and 0.8620, (GBP/EUR 1.1600). But rising weekly charts should limit any tests of this range in consolidation/buying interest. Following cautious/corrective trade, fresh gains are looked for. A later close above resistance at 0.8695, (GBP/EUR 1.1500), will improve sentiment and extend May gains towards critical resistance at the 0.8737 current year high of 11 April.