Chart EUR/GBP Update: Drifting lower
The anticipated break below 0.8772, (GBP/EUR 1.1400), has reached congestion around 0.8750
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8850 | * | GBP/EUR 1.1300 | S1 | 0.8750 | * | congestion | |
| R3 | 0.8840 | * | 20 Nov (w) high | S2 | 0.8720 | * | congestion | |
| R2 | 0.8800 | * | break level | S3 | 0.8695/00 | * | GBP/EUR 1.1500; cong | |
| R1 | 0.8772 | * | GBP/EUR 1.1400 | S4 | 0.8670 | ** | October range lows |
Asterisk denotes strength of level
08:40 GMT - The anticipated break below 0.8772, (GBP/EUR 1.1400), has reached congestion around 0.8750, where mixed/negative intraday studies are prompting short-term reactions. A test beneath here will open up further congestion around 0.8720. But mixed daily readings are expected to limit any initial tests in consolidation, before deteriorating weekly charts prompt further losses. A close beneath here will add weight to sentiment and extend November losses towards strong support within the 0.8670 October range lows and 0. 0.8695/00. Meanwhile, any fresh tests above 0.8772 should meet selling interest towards the 0.8800 break level.