Chart EUR/GBP Update: Lower in range - studies under pressure
The anticipated test of resistance at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700 has been pushed back
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8750 | * | congestion | S1 | 0.8645 | * | 6 Jan YTD low | |
| R3 | 0.8720 | * | congestion | S2 | 0.8620 | * | GBP/EUR 1.1600 | |
| R2 | 0.8695/00 | * | GBP/EUR 1.1500; cong | S3 | 0.8610 | ** | 50% ret of May-Nov rally | |
| R1 | 0.8670 | ** | October range lows | S4 | 0.8600 | * | break level |
Asterisk denotes strength of level
08:45 GMT - The anticipated test of resistance at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700 has been pushed back, with steady selling interest giving way to consolidation above strong support at the 0.8645 current year low of 6 January. Daily readings have turned mixed/negative and broader weekly charts are bearish, highlighting room for fresh losses in the coming sessions. But a close beneath here is needed to turn sentiment negative and extend November losses towards strong support within 0.8600/20. Meanwhile, resistance is lowered to the 0.8670 range lows from October and extends to 0.8695/00. This range should cap any immediate tests higher.