Chart EUR/GBP Update: Meeting selling interest beneath strong resistance at 0.8800
The anticipated break above 0.8772, (GBP/EUR 1.1400), has met selling interest just beneath resistance at the 0.8800 break level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8865 | ** | 14 Nov YTD high | S1 | 0.8772 | * | GBP/EUR 1.1400 | |
| R3 | 0.8850 | * | GBP/EUR 1.1300 | S2 | 0.8740 | break level | ||
| R2 | 0.8840 | * | 20 Nov (w) high | S3 | 0.8720 | * | congestion | |
| R1 | 0.8800 | * | break level | S4 | 0.8695/00 | * | GBP/EUR 1.1500; cong |
Asterisk denotes strength of level
08:35 GMT - The anticipated break above 0.8772, (GBP/EUR 1.1400), has met selling interest just beneath resistance at the 0.8800 break level, as intraday studies turn down, with focus turning back to 0.8772. A test beneath here cannot be ruled out. But rising daily readings are expected to limit initial scope in renewed consolidation above strong support within 0.8720/40. Broader weekly charts are mixed/negative, however, suggesting room for a later break beneath here, and extension of mid-November losses towards support at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700. By-then oversold daily stochastics could limit any initial tests in consolidation. Meanwhile, a break above 0.8800, if seen, should meet fresh selling interest towards the 0.8840 weekly high of 20 November.