Chart EUR/GBP Update: Consolidating gains - studies improving
The anticipated test of congestion resistance at 0.8375 is giving way to a pullback
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8464 | ** | 11 Sep (m) high | S1 | 0.8350 | * | break level | |
| R3 | 0.8447 | ** | 31 Oct (m) high | S2 | 0.8333 | * | GBP/EUR 1.2000 | |
| R2 | 0.8400/03 | cong; GBP/EUR 1.1900 | S3 | 0.8300 | congestion | |||
| R1 | 0.8375 | congestion | S4 | 0.8265 | * | GBP/EUR 1.2100 |
Asterisk denotes strength of level
09:05 GMT - The anticipated test of congestion resistance at 0.8375 is giving way to a pullback, as overbought intraday studies unwind, with prices currently pressuring support at 0.8350. A retest beneath here cannot be ruled out, but rising daily readings are expected to limit scope in renewed buying interest towards 0.8333, (GBP/EUR 1.2000). Following cautious trade, fresh gains are looked for. A later break above 0.8375 will improve price action and target stronger resistance at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900). Meanwhile, a close below 0.8333, if seen, would add weight to sentiment and open up congestion around 0.8300, where renewed buying interest is expected to appear.