Published: 2024-11-04T09:03:13.000Z
Chart EUR/GBP Update: Choppy trade - limited scope above 0.8400/03
Senior Technical Strategist
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The anticipated test of congestion support at 0.8375 is giving way to a fresh bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8475 | GBP/EUR 1.1800 | S1 | 0.8375 | congestion | |||
| R3 | 0.8460/64 | ** | 50% ret; 11 Sep (m) high | S2 | 0.8350 | break level | ||
| R2 | 0.8447/50 | * | 31 Oct (m) high; cong | S3 | 0.8333 | * | GBP/EUR 1.2000 | |
| R1 | 0.8400/03 | ** | congestion; GBP/EUR 1.1900 | S4 | 0.8295/00 | ** | 18 Oct YTD low; cong |
Asterisk denotes strength of level
08:50 GMT - The anticipated test of congestion support at 0.8375 is giving way to a fresh bounce, as oversold intraday studies unwind, with prices currently pressuring resistance at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900). The daily Tension Indicator is positive, but showing signs of flattening, and overbought daily stochastics are unwinding, suggesting any break above here could meet renewed selling interest towards resistance at 0.8447/50. Meanwhile, a break below 0.8375 will open up support at the 0.8350 break level, where improving weekly charts are expected to prompt buying interest/consolidation.