Chart EUR/GBP Update: Reached 0.8400/03 - room for a test above here
The anticipated test of resistance at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900), is giving way to choppy trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8473/75 | ** | 20 Jan YTD high; GBP/EUR 1.1800 | S1 | 0.8350 | ** | congestion | |
| R3 | 0.8450 | * | congestion | S2 | 0.8333 | * | GBP/EUR 1.2000 | |
| R2 | 0.8430 | *- | range lows | S3 | 0.8300 | ** | congestion | |
| R1 | 0.8400/03 | ** | cong; GBP/EUR 1.1900 | S4 | 0.8265 | * | GBP/EUR 1.2100 |
Asterisk denotes strength of level
08:55 GMT - The anticipated test of resistance at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900), is giving way to choppy trade, as intraday studies turn mixed, with prices currently trading just beneath here. The daily Tension Indicator continues to rise, suggesting potential for a test above here. But flat overbought daily stochastics and mixed weekly charts are expected to prompt renewed selling interest towards the 0.8430/50 range. Meanwhile, support remains at congestion around 0.8350 and extends to 0.8333, (GBP/EUR 1.2000). A close beneath here would turn sentiment neutral and prompt consolidation above 0.8300.