Chart EUR/GBP Update: Leaning lower
The anticipated test of support at 0.8772, (GBP/EUR 1.1400), is giving way to consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8875 | * | April 2023 high | S1 | 0.8772 | * | GBP/EUR 1.1400 | |
| R3 | 0.8850 | * | GBP/EUR 1.1300, cong | S2 | 0.8740 | intraday break level | ||
| R2 | 0.8830 | * | 5 Nov YTD high | S3 | 0.8720 | * | congestion | |
| R1 | 0.8800 | * | figure | S4 | 0.8695/00 | * | GBP/EUR 1.1500; cong |
Asterisk denotes strength of level
08:40 GMT - The anticipated test of support at 0.8772, (GBP/EUR 1.1400), is giving way to consolidation, as intraday studies turn mixed, with prices currently trading around 0.8785. Daily stochastics and the daily Tension Indicator continue to track lower, highlighting room for a test beneath here. But rising weekly charts should limit any break in renewed buying interest/consolidation above 0.8740. Meanwhile, strong resistance remains at 0.8800. But a close above the 0.8830 current year high of 5 November, not yet seen, will improve price action and extend December 2024 gains initially towards strong resistance at 0.8850.