Chart EUR/GBP Update: Consolidating - studies under pressure
Little change, as mixed intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8765 | ** | November 2023 high | S1 | 0.8650 | ** | congestion | |
| R3 | 0.8752 | ** | 28 Jul YTD high | S2 | 0.8620 | * | GBP/EUR 1.1600 | |
| R2 | 0.8737 | ** | 11 Apr (m) high | S3 | 0.8600 | ** | cong, 38.2% ret | |
| R1 | 0.8695/00 | ** | GBP/EUR 1.1500; cong | S4 | 0.8555 | ** | 50% ret of May-Jul rally |
Asterisk denotes strength of level
08:45 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation within the tight 0.8680 - 0.8695/00 range. Daily readings are coming under pressure and broader weekly charts are negative, highlighting room for a drift down to congestion support at 0.8650. A break beneath here will open up strong support at 0.8600 and 0.8620, (GBP/EUR 1.1600), where by-then oversold daily stochastics could prompt renewed consolidation. Meanwhile, any fresh tests above 0.8695/00 should give way to consolidation beneath critical resistance at the 0.8752 current year high of 28 July and the 0.8765 high of November 2023.