Chart EUR/GBP Update: Cautious trade
Still little change, as prices extend cautious/choppy trade within the 0.8560 - 0.8585 range
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8620 | * | GBP/EUR 1.1600 | S1 | 0.8560 | congestion base | ||
| R3 | 0.8610 | * | 38.2% ret of Nov-Jul fall | S2 | 0.8547 | ** | GBP/EUR 1.1700 | |
| R2 | 0.8600 | ** | congestion | S3 | 0.8532 | * | 12 Aug (m) low | |
| R1 | 0.8585 | * | recent range highs | S4 | 0.8520 | congestion |
Asterisk denotes strength of level
08:55 BST - Still little change, as prices extend cautious/choppy trade within the 0.8560 - 0.8585 range. Intraday studies and the daily Tension Indicator are under pressure, highlighting room for a test of support at the 0.8560 congestion base. Beneath here is 0.8547, (GBP/EUR 1.1700). But rising daily stochastics and improving weekly charts should limit any tests beneath this range in renewed buying interest/consolidation above the 0.8532 monthly low of 12 August.
Meanwhile, resistance remains at the 0.8585 recent range highs. A close above here would turn sentiment positive and extend July gains towards congestion around 0.8600. Still higher is the 0.8610 Fibonacci retracement, where short-term profit-taking could appear.