Chart EUR/GBP Update: Limited tests higher
Consolidation above support at the 0.8612 lows from February-March is giving way to a push higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8680 | * | congestion | S1 | 0.8612 | ** | Feb-Mar lows | |
| R3 | 0.8660 | * | congestion | S2 | 0.8600 | ** | congestion | |
| R2 | 0.8640 | * | congestion | S3 | 0.8545/47 | ** | 50% ret; GBP/EUR 1.1700 | |
| R1 | 0.8620 | ** | GBP/EUR 1.1600 | S4 | 0.8525 | congestion |
Asterisk denotes strength of level
08:45 BST - Consolidation above support at the 0.8612 lows from February-March is giving way to a push higher, with prices currently testing levels around resistance at 0.8620, (GBP/EUR 1.1600). Intraday studies are rising and oversold daily stochastics are flattening, suggesting room for a move towards congestion resistance at 0.8640. But the bearish daily Tension Indicator and deteriorating weekly charts should limit any tests in renewed selling interest/consolidation. Following cautious/corrective trade, fresh losses are looked for. Support remains at 0.8612 and extends to congestion around 0.8600. A close beneath here will add weight to price action and extend November losses towards the 0.8545 Fibonacci retracement.