Chart EUR/GBP Update: Higher levels not sustained
The anticipated test of resistance within the 0.8737 - 0.8752~ range has met sharp selling interest
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8766 | ** | November 2023 high | S1 | 0.8650 | ** | congestion | |
| R3 | 0.8752~ | ** | 28 Jul YTD high | S2 | 0.8620 | * | GBP/EUR 1.1600 | |
| R2 | 0.8737 | ** | 11 Apr (m) high | S3 | 0.8600 | ** | cong, 38.2% ret | |
| R1 | 0.8695 | ** | GBP/EUR 1.1500 | S4 | 0.8555 | ** | 50% ret of May-Jul rally |
Asterisk denotes strength of level
08:50 BST - The anticipated test of resistance within the 0.8737 - 0.8752~ range has met sharp selling interest, with prices falling to 0.8665 in GBP-driven trade, before stabilising around 0.8675. Daily stochastics and the daily Tension Indicator are under pressure, and overbought weekly stochastics are turning down, highlighting room for a test of congestion support at 0.8650. But the positive weekly Tension Indicator should limit any break in renewed consolidation above stronger support at 0.8600. Meanwhile, resistance is lowered to 0.8695, (GBP/EUR 1.1500). A close back above here should give way to consolidation beneath 0.8737/52~.