Chart EUR/GBP Update: Immediate gains to remain limited
Cautious trade above congestion support at 0.8650 is giving way to a drift higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8772 | GBP/EUR 1.1400 | S1 | 0.8650 | intraday congestion | |||
| R3 | 0.8766 | ** | November 2023 (m) high | S2 | 0.8620 | * | GBP/EUR 1.1600 | |
| R2 | 0.8737 | ** | 11 Apr YTD high | S3 | 0.8600 | ** | congestion | |
| R1 | 0.8695 | ** | GBP/EUR 1.1500 | S4 | 0.8547/50 | * | GBP/EUR 1.1700; cong |
Asterisk denotes strength of level
08:45 BST - Cautious trade above congestion support at 0.8650 is giving way to a drift higher, as intraday studies rise, with prices currently trading around 0.8675. Focus is on resistance at 0.8695, (GBP/EUR 1.1500), but mixed daily readings are expected to limit any initial tests in fresh consolidation, before rising weekly charts prompt a break. A later close above here will improve sentiment and extend May gains towards critical resistance at the 0.8737 current year high of 11 April. Meanwhile, support remains aat congestion around 0.8650. A close beneath here, if seen, will put focus on 0.8620, (GBP/EUR 1.1600), where fresh buying interest is expected to appear.