Chart EUR/GBP Update: Gains to remain limited
Consolidation following the test of congestion support at 0.8600 has given way to a drift higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8737 | ** | 11 Apr YTD high | S1 | 0.8620 | * | GBP/EUR 1.1600 | |
| R3 | 0.8695 | ** | GBP/EUR 1.1500 | S2 | 0.8600 | ** | congestion | |
| R2 | 0.8670 | ** | 2 Jul (w) high | S3 | 0.8547/50 | * | GBP/EUR 1.1700; cong | |
| R1 | 0.8650 | intraday congestion | S4 | 0.8520 | * | congestion |
Asterisk denotes strength of level
08:55 BST - Consolidation following the test of congestion support at 0.8600 has given way to a drift higher, as oversold intraday studies unwind, with prices currently balanced around 0.8630. A test of intraday congestion around 0.8650 cannot be ruled out. But negative daily stochastics and the flattening positive daily Tension Indicator are expected to prompt renewed selling interest around here. In the coming sessions, cautious trade is expected to give way to a pullback. A break below 0.8620, (GBP/EUR 1.1600), will open up 0.8600 once again. However, rising weekly charts are expected to limit any deeper losses in fresh buying interest towards strong support at 0.8547, (GBP/EUR 1.1700), and congestion around 0.8550.