Chart EUR/GBP Update: Limited tests higher
Consolidation above congestion support at 0.8560 is giving way to a push higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8620 | * | GBP/EUR 1.1600 | S1 | 0.8560 | * | congestion | |
| R3 | 0.8610 | * | 38.2% ret of Nov-Jul fall | S2 | 0.8547 | ** | GBP/EUR 1.1700 | |
| R2 | 0.8600 | ** | congestion | S3 | 0.8532 | ** | 12 Aug (m) low | |
| R1 | 0.8580 | * | break level | S4 | 0.8520 | congestion |
Asterisk denotes strength of level
08:55 BST - Consolidation above congestion support at 0.8560 is giving way to a push higher, with focus turning to resistance at 0.8580. Improving intraday studies and flattening oversold daily stochastics highlight room for a test above here. But the bearish daily Tension Indicator should limit scope in renewed consolidation beneath congestion around 0.8600. Broader weekly charts are rising, but a close above the 0.8610 Fibonacci retracement is needed to improve price action and confirm continuation of July gains.
Meanwhile, support remains at congestion around 0.8560 and extends to 0.8547, (GBP/EUR 1.1700). A test beneath here, if seen, should give way to consolidation above the 0.8532 monthly low of 12 August.