Chart EUR/GBP Update: Leaning lower
Anticipated losses have bounced from just above congestion support at 0.8560
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8620 | * | GBP/EUR 1.1600 | S1 | 0.8560 | * | congestion | |
| R3 | 0.8610 | * | 38.2% ret of Nov-Jul fall | S2 | 0.8547 | ** | GBP/EUR 1.1700 | |
| R2 | 0.8600 | ** | congestion | S3 | 0.8532 | ** | 12 Aug (m) low | |
| R1 | 0.8580 | * | break level | S4 | 0.8500 | ** | congestion |
Asterisk denotes strength of level
09:05 BST - Anticipated losses have bounced from just above congestion support at 0.8560, with prices currently trading around 0.8575. Intraday studies are mixed/negative and daily readings are bearish, highlighting room for fresh losses in the coming sessions. A close below 0.8560 will open up 0.8547, (GBP/EUR 1.1700). But positive weekly charts should limit any immediate break beneath here in consolidation above strong support at the 0.8532 monthly low of 12 August.
Meanwhile, a close back above 0.8580 will help to stabilise sentiment and give way to range trade beneath critical resistance at congestion around 0.8600 and the 0.8610 Fibonacci retracement.