Chart EUR/GBP Update: Cautious trade
The anticipated test above resistance at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700 has met selling interest beneath critical resistance at 0.8737/52
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8765 | ** | November 2023 high | S1 | 0.8650 | ** | congestion | |
| R3 | 0.8752 | ** | 28 Jul YTD high | S2 | 0.8620 | * | GBP/EUR 1.1600 | |
| R2 | 0.8737 | ** | 11 Apr (m) high | S3 | 0.8600 | ** | cong, 38.2% ret | |
| R1 | 0.8695/00 | ** | GBP/EUR 1.1500; cong | S4 | 0.8555 | ** | 50% ret of May-Jul rally |
Asterisk denotes strength of level
08:55 BST - The anticipated test above resistance at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700 has met selling interest beneath critical resistance at 0.8737/52, with mixed intraday studies prompting consolidation just below 0.8695/00. Oversold daily stocahstics are unwinding, highlighting potential for a fresh test higher. But the negative daily Tension Indicator and bearish weekly charts are expected to limit scope in renewed selling interest beneath 0.8737/52. Following corrective trade, fresh losses are looked for. A later break below congestion support at 0.8650 will open up stronger support within 0.8620, (GBP/EUR 1.1600) and 0.8600. Already oversold daily stochastics could limit any initial tests of this range in consolidation.