Chart EUR/GBP Update: Under pressure
Anticipated minor gains have not been seen, as cautious trade within the 0.8750/72 range gives way to sharp EUR-driven losses
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8800 | ** | break level | S1 | 0.8695/00 | * | GBP/EUR 1.1500; cong | |
| R3 | 0.8790 | * | 27 Feb (m) high | S2 | 0.8670 | * | congestion | |
| R2 | 0.8772 | * | GBP/EUR 1.1400 | S3 | 0.8650 | * | congestion | |
| R1 | 0.8750 | * | congestion | S4 | 0.8613 | ** | 4 Feb YTD low |
Asterisk denotes strength of level
09:10 GMT - Anticipated minor gains have not been seen, as cautious trade within the 0.8750/72 range gives way to sharp EUR-driven losses. Prices have reached 0.8715~, where unwinding oversold intraday studies are prompting a bounce. But deteriorating daily readings and should limit scope in renewed selling interest towards congestion resistance at 0.8750. In the coming sessions, further losses are looked for. A break below support at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700 will open up further congestion around 0.8670. However, rising weekly charts should limit any deeper losses in renewed buying interest/consolidation above 0.8650.