Chart EUR/GBP Update: Gains to remain limited
Consolidation just below 0.8695/00 has given way to a sharp GBP-driven bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8772 | GBP/EUR 1.1400 | S1 | 0.8695/00 | ** | GBP/EUR 1.1500; cong | ||
| R3 | 0.8765 | ** | November 2023 high | S2 | 0.8650 | ** | congestion | |
| R2 | 0.8752 | ** | 28 Jul YTD high | S3 | 0.8620 | * | GBP/EUR 1.1600 | |
| R1 | 0.8737 | ** | 11 Apr (m) high | S4 | 0.8600 | ** | cong, 38.2% ret |
Asterisk denotes strength of level
08:45 BST - Consolidation just below 0.8695/00 has given way to a sharp GBP-driven bounce, with prices currently trading around 0.8710. Intraday studies have turned higher and oversold daily stochastics are unwinding, highlighting room for continuation higher. Critical resistance is at the 0.8752 current year high of 28 July and the 0.8765 high of November 2023. But the negative daily Tension Indicator and bearish weekly charts are expected to limit any tests of this range in renewed selling interest. Following corrective trade, fresh losses are looked for. A later break below 0.8695/00 will open up congestion support at 0.8650. Beneath here is stronger support within 0.8620, (GBP/EUR 1.1600) and 0.8600. By-then oversold weekly stochastics could limit any initial tests of this range in consolidation.