Chart EUR/GBP Update: Consolidating - background studies under pressure
Still little change, as prices extend consolidation around congestion support at 0.8720
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8840 | * | 20 Nov (w) high | S1 | 0.8720 | * | congestion | |
| R3 | 0.8800 | * | break level | S2 | 0.8695/00 | * | GBP/EUR 1.1500; cong | |
| R2 | 0.8772 | * | GBP/EUR 1.1400 | S3 | 0.8670 | ** | October range lows | |
| R1 | 0.8750 | * | congestion | S4 | 0.8620 | * | GBP/EUR 1.1600 |
Asterisk denotes strength of level
10:00 GMT - Still little change, as prices extend consolidation around congestion support at 0.8720. Intraday studies are rising once again, suggesting potential for a test higher. But mixed/negative daily readings and deteriorating weekly charts are expected to limit scope in renewed selling interest beneath congestion resistance at 0.8750. In the coming sessions, further losses are looked for. A break below 0.8720 will open up support at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700. Still lower are the 0.8670 October range lows. Meanwhile, an unexpected close above 0.8750 will help to stabilise price action and prompt consolidation beneath 0.8772, (GBP/EUR 1.1400).