Published: 2023-12-14T09:07:40.000Z
Chart EUR/GBP Update: Price action remains positive
Senior Technical Strategist
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| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8725 | 22 Nov high | S1 | 0.8620 | * | GBP/EUR 1.1600 | ||
| R3 | 0.8695/00 | ** | GBP/EUR 1.1500; congestion | S2 | 0.8600 | * | congestion | |
| R2 | 0.8650/55 | ** | cong; 50% ret | S3 | 0.8547/50 | * | GBP/EUR 1.1700; congestion | |
| R1 | 0.8630 | * | 38.2% ret of Nov-Dec fall | S4 | 0.8525 | * | 5 Sep (m) low |
Asterisk denotes strength of level
08:55 GMT - Anticipated gains have reached resistance at the 0.8630 Fibonacci retracement, where overbought intraday studies are prompting short-term reactions. Daily stochastics and the daily Tension Indicator continue to track higher, pointing to room for further gains, with a break opening up stronger resistance at congestion around 0.8650 and the 0.8655 retracement. However, negative weekly charts could limit any initial tests of here in fresh range trade. Meanwhile, support is down to congestion around 0.8600. A close beneath here, if seen, will turn sentiment neutral and prompt fresh consolidation above 0.8547/50.