Chart EUR/GBP Update: Daily studies edging higher
Consolidation just above congestion support at 0.8350 has given way to a sharp bounce to 0.8430
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8547 | GBP/EUR 1.1700 | S1 | 0.8400/03 | * | congestion; GBP/EUR 1.1900 | ||
| R3 | 0.8500 | ** | congestion | S2 | 0.8350 | * | congestion | |
| R2 | 0.8475 | ** | GBP/EUR 1.1800 | S3 | 0.8333 | * | GBP/EUR 1.2000 | |
| R1 | 0.8450 | * | break level | S4 | 0.8315 | ** | 28 Mar (w) low |
Asterisk denotes strength of level
08:50 BST - Consolidation just above congestion support at 0.8350 has given way to a sharp bounce to 0.8430, where unwinding overbought intraday studies are prompting renewed selling interest. A minor pullback towards support at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900), is appearing. But rising daily readings are expected to limit any initial tests in consolidation. In the coming sessions, fresh gains are highlighted, targeting resistance at 0.8450. But negative weekly charts should limit any tests/break in renewed selling interest beneath 0.8475. Meanwhile, any immediate tests below 0.8400/03 should be limited in consolidation above congestion support at 0.8350.