Chart EUR/GBP Update: Balanced around 0.8547/50
Consolidation around resistance at 0.8547, (GBP/EUR 1.1700), and congestion around 0.8550 has given way to a test lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8640 | * | congestion | S1 | 0.8520 | congestion | ||
| R3 | 0.8620 | * | GBP/EUR 1.1600 | S2 | 0.8500 | ** | congestion | |
| R2 | 0.8600 | ** | congestion | S3 | 0.8475 | ** | GBP/EUR 1.1800 | |
| R1 | 0.8547/50 | * | GBP/EUR 1.1700; cong | S4 | 0.8450 | * | break level |
Asterisk denotes strength of level
08:50 BST - Consolidation around resistance at 0.8547, (GBP/EUR 1.1700), and congestion around 0.8550 has given way to a test lower, with prices meeting buying interest above congestion support at 0.8520 before bouncing back to 0.8547/50. Overbought daily stochastics are unwinding and the positive daily Tension Indicator is showing early signs of flattening, suggesting further consolidation around here. However, broader weekly charts are improving and longer-term readings are positive, pointing to room for a later break and extension of late-May gains towards congestion around 0.8600. Meanwhile, support remains at congestion within 0.8500/20 and should underpin any immediate setbacks. A break, if seen, will put focus on 0.8475, (GBP/EUR 1.1800), where improving weekly charts could prompt fresh buying interest.