Chart EUR/GBP Update: Extending losses
Anticipated selling interest has reached support at the 0.8532 monthly low of 12 August
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8600/10 | ** | congestion; 38.2% ret | S1 | 0.8532 | ** | 12 Aug (m) low | |
| R3 | 0.8580 | * | break level | S2 | 0.8500 | ** | congestion | |
| R2 | 0.8560 | * | congestion | S3 | 0.8470/75 | * | 61.8% ret; GBP/EUR 1.1800 | |
| R1 | 0.8547 | ** | GBP/EUR 1.1700 | S4 | 0.8500 | ** | congestion |
Asterisk denotes strength of level
09:35 BST - Anticipated selling interest has reached support at the 0.8532 monthly low of 12 August, where mixed intraday studies are prompting a bounce to 0.8545. Daily readings are bearish and broader weekly charts are turning down, highlighting room for deeper losses in the coming sessions. A later close below 0.8532 will add weight to already bearish price action, and open up a test of congestion support at 0.8500.
Meanwhile, resistance is lowered to 0.8547, (GBP/EUR 1.1700), and extends to congestion around 0.8560. This range should cap any immediate tests higher. A close above here, if seen, will help to stabilise price action and prompt fresh consolidation beneath 0.8580.