Chart EUR/GBP Update: Price action remains cautious
Little change, as prices extend cautious trade/pressure on resistance at 0.8547, (GBP/EUR 1.1700)
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8600 | ** | congestion | S1 | 0.8532 | 12 Aug low | ||
| R3 | 0.8585 | * | 30 Jul (m) high | S2 | 0.8520 | congestion | ||
| R2 | 0.8560 | 4 Aug low | S3 | 0.8500 | ** | congestion | ||
| R1 | 0.8547 | ** | GBP/EUR 1.1700 | S4 | 0.8470/75 | ** | 61.8% ret; GBP/EUR 1.1800 |
Asterisk denotes strength of level
08:45 BST - Little change, as prices extend cautious trade/pressure on resistance at 0.8547, (GBP/EUR 1.1700). Intraday studies are mixed/positive, suggesting room for a test above here. But negative daily readings and mixed weekly charts should limit scope in renewed selling interest/consolidation beneath the 0.8560 low of 4 August.
Meanwhile, support is at the 0.8532 low of 12 August. A break would add weight to sentiment and extend late-July losses towards congestion around 0.8520, where already oversold daily stochastics are expected to prompt fresh buying interest/consolidation. Any deeper losses should give way to consolidation above 0.8500.