Chart EUR/GBP Update: Choppy trade - studies improving
Choppy trade has bounced from support at 0.8400/03
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8500 | ** | break level | S1 | 0.8400/03 | cong; GBP/EUR 1.1900 | ||
| R3 | 0.8475 | * | GBP/EUR 1.1800 | S2 | 0.8350 | ** | congestion | |
| R2 | 0.8464 | * | 11 Sep (m) high | S3 | 0.8333 | * | GBP/EUR 1.2000 | |
| R1 | 0.8447 | ** | 31 Oct (m) high | S4 | 0.8300 | congestion |
Asterisk denotes strength of level
08:55 GMT - Choppy trade has bounced from support at 0.8400/03, as oversold intraday studies unwind, with prices currently balanced around 0.8430. Overbought daily stochastics are unwinding, suggesting room for further consolidation, before the rising daily Tension Indicator and positive weekly charts prompt further gains. Resistance remains at the 0.8447 monthly high of 31 October and extends to the 0.8464 monthly high of 11 September. A close above here would turn sentiment positive and extend December gains towards 0.8475, (GBP/EUR 1.1800). Still higher is 0.8500. Meanwhile, a close below 0.8400/03, if seen, would add weight to sentiment and prompt a deeper pullback towards congestion around 0.8350.