Chart EUR/GBP Update: Cautious trade
The anticipated test of resistance at 0.8695, (GBP/EUR 1.1500), has been pushed back
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8772 | GBP/EUR 1.1400 | S1 | 0.8650 | intraday congestion | |||
| R3 | 0.8766 | ** | November 2023 (m) high | S2 | 0.8620 | * | GBP/EUR 1.1600 | |
| R2 | 0.8737 | ** | 11 Apr YTD high | S3 | 0.8600 | ** | congestion | |
| R1 | 0.8695 | ** | GBP/EUR 1.1500 | S4 | 0.8547/50 | * | GBP/EUR 1.1700; cong |
Asterisk denotes strength of level
08:50 BST - The anticipated test of resistance at 0.8695, (GBP/EUR 1.1500), has been pushed back, as intraday studies turn down, with prices currently balanced around 0.8670. A drift lower towards congestion support at 0.8650 is possible. But mixed daily readings and rising weekly charts are expected to prompt renewed buying interest towards here. Following cautious trade, fresh gains are looked for. A later break above 0.8695 will improve sentiment and extend May gains towards critical resistance at the 0.8737 current year high of 11 April. Meanwhile, a close below 0.8650, if seen, will put focus on 0.8620, (GBP/EUR 1.1600), where fresh buying interest is expected to appear.