Chart EUR/GBP Update: Limited scope above 0.8650
Consolidation above support at 0.8620, (GBP/EUR 1.1600), has given way to the anticipated push higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8737 | ** | 11 Apr (m) high | S1 | 0.8620 | * | GBP/EUR 1.1600 | |
| R3 | 0.8695 | ** | GBP/EUR 1.1500 | S2 | 0.8600 | ** | cong, 38.2% ret | |
| R2 | 0.8672 | * | 22 Aug (w) high | S3 | 0.8555 | ** | 50% ret of May-Jul rally | |
| R1 | 0.8650 | ** | congestion | S4 | 0.8547/50 | ** | GBP/EUR 1.1700; cong |
Asterisk denotes strength of level
08:40 BST - Consolidation above support at 0.8620, (GBP/EUR 1.1600), has given way to the anticipated push higher, with prices currently pressuring congestion resistance at 0.8650. Daily stochastics are rising, suggesting room for a test above here. But the flat daily Tension Indicator and negative weekly charts are expected to limit scope in renewed selling interest towards the 0.8672 weekly high of 22 August. Following cautious trade, fresh losses are looked for. However, a close below strong support at 0.8600 is needed to confirm a near-term top in place at the 0.8752 current year high of 28 July. Late-July losses will then target the 0.8555 Fibonacci retracement.