Chart EUR/GBP Update: Leaning lower
Choppy trade around 0.8620, (GBP/EUR 1.1600), is giving way to a drift lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8660 | * | congestion | S1 | 0.8612 | ** | Feb-Mar lows | |
| R3 | 0.8650 | * | 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 | 0.8500 | ** | congestion |
Asterisk denotes strength of level
08:45 BST - Choppy trade around 0.8620, (GBP/EUR 1.1600), is giving way to a drift lower, as intraday studies turn down, with prices currently pressuring support within congestion around 0.8600 and the 0.8612 lows from February-March. Daily stochastics are flat in oversold areas, suggesting room for consolidation within here, before the bearish daily Tension Indicator and deteriorating weekly charts prompt further losses. A later close beneath here will add weight to sentiment and extend November losses towards the 0.8545 Fibonacci retracement and 0.8547, (GBP/EUR 1.1700). Meanwhile, a close back above 0.8620 will stabilise price action and prompt consolidation beneath congestion around 0.8640.