Chart EUR/GBP Update: Consolidating - studies under pressure
Little change, as prices extend cautious trade above the 0.8535 low of 10 August
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8600 | ** | congestion | S1 | 0.8520 | congestion | ||
| R3 | 0.8585 | * | 30 Jul (m) high | S2 | 0.8500 | ** | congestion | |
| R2 | 0.8560 | 4 Aug low | S3 | 0.8470/75 | ** | 61.8% ret; GBP/EUR 1.1800 | ||
| R1 | 0.8547 | ** | GBP/EUR 1.1700 | S4 | 0.8455 | ** | 15 Jul YTD low |
Asterisk denotes strength of level
08:50 BST - Little change, as prices extend cautious trade above the 0.8535 low of 10 August. Daily readings are falling and rising weekly charts are showing early signs of flattening, suggesting a deterioration in sentiment and room for further losses in the coming sessions. A break below here will open up congestion around 0.8520. Still lower is further congestion around 0.8500. But this range should underpin any immediate tests, as daily stochastics become oversold. Meanwhile, resistance is at 0.8547, (GBP/EUR 1.1700). But a close above 0.8560 is needed to stabilise price action and give way to consolidation within congestion beneath the 0.8585 monthly high of 30 July.