Chart EUR/GBP Update: Balanced beneath 0.8585
Cautious trade has drifted higher, with prices reaching 0.8575 before settling back into consolidation around 0.8570
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8650 | * | congestion | S1 | 0.8547 | ** | GBP/EUR 1.1700 | |
| R3 | 0.8620 | GBP/EUR 1.1600 | S2 | 0.8520 | congestion | |||
| R2 | 0.8600 | ** | congestion | S3 | 0.8500 | ** | congestion | |
| R1 | 0.8585 | * | 30 Jul (m) high | S4 | 0.8475 | GBP/EUR 1.1800 |
Asterisk denotes strength of level
08:45 BST - Cautious trade has drifted higher, with prices reaching 0.8575 before settling back into consolidation around 0.8570. Overbought daily stochastics have ticked higher and the daily Tension Indicator continues to rise, suggesting room for a test of resistance at the 0.8585 monthly high of 30 July. Initial tests could give way to consolidation, before improving weekly charts prompt a later break and extend July gains initially towards 0.8600. Meanwhile, support remains at 0.8547, (GBP/EUR 1.1700). Any tests beneath here should be limited in renewed buying interest above congestion support at 0.8520.