Chart EUR/GBP Update: Test below 0.8547/50 not sustained
The anticipated break below 0.8547, (GBP/EUR 1.1700), and congestion around 0.8550 has bounced from above the 0.8525 monthly low of 5 September
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8695/00 | ** | GBP/EUR 1.1600; cong | S1 | 0.8547/50 | ** | GBP/EUR 1.1700; cong | |
| R3 | 0.8650 | * | congestion | S2 | 0.8525~ | * | 5 Sep (m) low | |
| R2 | 0.8620 | * | GBP/EUR 1.1600 | S3 | 0.8492/00 | ** | Aug 23 (y) low; cong | |
| R1 | 0.8600 | * | congestion | S4 | 0.8475 | * | GBP/EUR 1.1800 | |
Asterisk denotes strength of level
08:45 GMT - The anticipated break below 0.8547, (GBP/EUR 1.1700), and congestion around 0.8550 has bounced from above the 0.8525 monthly low of 5 September, as intraday studies turn higher, with prices once again trading above 0.8547/50. Oversold daily stochastics are flattening, suggesting room for a minor tick higher, but the bearish daily Tension Indicator and negative weekly charts are expected to limit scope in selling interest beneath congestion resistance at 0.8600. Meanwhile, a fresh test below 0.8547/50 will put focus back on 0.8525. However, any immediate continuation beneath here should give way to consolidation above critical support at the 0.8492 year low of 23 August 2023 and congestion around 0.8500.