Chart EUR/GBP Update: Leaning lower in range
The anticipated pullback has broken below 0.8695/00 to reach 0.8680
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8772 | * | GBP/EUR 1.1500 | S1 | 0.8670 | * | congestion | |
| R3 | 0.8750 | * | congestion | S2 | 0.8640 | * | congestion | |
| R2 | 0.8720 | * | congestion | S3 | 0.8610/20 | ** | 50% ret; GBP/EUR 1.1600 | |
| R1 | 0.8695/00 | * | GBP/EUR 1.1500; cong | S4 | 0.8600 | * | congestion |
Asterisk denotes strength of level
11:25 GMT - The anticipated pullback has broken below 0.8695/00 to reach 0.8680, where mixed/negative intraday studies are prompting fresh consolidation. Overbought daily stochastics are unwinding and the positive daily Tension Indicator is flattening, suggesting room for further losses in the coming sessions. Support is at congestion around 0.8670. But rising weekly charts should limit any tests in consolidation. A break, however, will add weight to sentiment and open up further congestion around 0.8640. Meanwhile, resistance is at 0.8695. But a close above congestion around 0.8720 would improve sentiment and extend gains towards further congestion around 0.8750.