Chart EUR/GBP Update: Studies continue to rise
The anticipated break above 0.8695, (GBP/EUR 1.1500), has met selling interest around 0.8712
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8765/72 | ** | Nov 2023 high; GBP/EUR 1.1400 | S1 | 0.8672 | * | 22 Aug (w) high | |
| R3 | 0.8752 | ** | 28 Jul YTD high | S2 | 0.8650 | ** | congestion | |
| R2 | 0.8737 | ** | 11 Apr (m) high | S3 | 0.8620 | * | GBP/EUR 1.1600 | |
| R1 | 0.8695 | ** | GBP/EUR 1.1500 | S4 | 0.8600 | ** | cong, 38.2% ret |
Asterisk denotes strength of level
08:40 BST - The anticipated break above 0.8695, (GBP/EUR 1.1500), has met selling interest around 0.8712, with prices currently balanced in cautious trade just above 0.8635. Intraday studies have ticked higher once again and daily readings continue to rise, highlighting room for continuation beyond here. Focus will then turn to strong resistance at 0.8737/52. But mixed weekly charts are expected to limit any initial tests in consolidation/profit-taking. Meanwhile, support remains at the 0.8672 weekly high of 22 August. A break beneath here, if seen, will turn sentiment neutral and put focus back on congestion around 0.8650, where fresh consolidation is expected to appear.