Chart EUR/GBP Update: Pressuring strong resistance at 0.8600/10
Cautious trade has given way to a test of resistance at congestion around 0.8600 and the 0.8610 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8650 | ** | congestion | S1 | 0.8580 | * | break level | |
| R3 | 0.8620 | * | GBP/EUR 1.1600 | S2 | 0.8560 | * | congestion | |
| R2 | 0.8610 | * | 38.2% ret of Nov-Jul fall | S3 | 0.8547 | ** | GBP/EUR 1.1700 | |
| R1 | 0.8600 | ** | congestion | S4 | 0.8532 | ** | 12 Aug (m) low |
Asterisk denotes strength of level
09:10 BST - Cautious trade has given way to a test of resistance at congestion around 0.8600 and the 0.8610 Fibonacci retracement, where mixed/negative intraday studies are prompting fresh consolidation. Daily readings continue to rise and broader weekly charts are positive, highlighting room for further gains in the coming sessions. However, a close above the 0.8610 Fibonacci retracement is needed to improve sentiment and extend July gains beyond 0.8620, (GBP/EUR 1.1600), towards congestion around 0.8650.
Meanwhile, support remains at 0.8580. A close beneath here, if seen, would help to stabilise sentiment and prompt fresh consolidation above congestion around 0.8560.