Chart EUR/GBP Update: Leaning lower
Cautious trade is giving way to the anticipated test of support at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8800 | * | break level | S1 | 0.8695/00 | * | GBP/EUR 1.1500; cong | |
| R3 | 0.8772 | * | GBP/EUR 1.1400 | S2 | 0.8670 | ** | October range lows | |
| R2 | 0.8750 | * | congestion | S3 | 0.8620 | * | GBP/EUR 1.1600 | |
| R1 | 0.8720 | * | congestion | S4 | 0.8600 | * | Jul-Aug range lows |
Asterisk denotes strength of level
08:55 GMT - Cautious trade is giving way to the anticipated test of support at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700. Daily readings are turning down and broader weekly charts are bearish, highlighting room for further losses in the coming sessions. A break will add weight to sentiment and open up stronger support at the 0.8670 range lows from October, where already oversold daily and weekly stochastics are expected to prompt short-covering/consolidation. A close beneath here, however, would add weight to sentiment and extend November losses towards 0.8600/20. Meanwhile, resistance is lowered to congestion around 0.8720. A close above here, if seen, would help to stabilise price action and prompt consolidation beneath further congestion around 0.8750.