Chart EUR/GBP Update: Limited tests higher
Little change, as choppy trade extends pressure on congestion resistance at 0.8650
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8752 | ** | 28 Jul YTD high | S1 | 0.8620 | * | GBP/EUR 1.1600 | |
| R3 | 0.8737 | ** | 11 Apr (m) high | S2 | 0.8600 | ** | cong, 38.2% ret | |
| R2 | 0.8695/00 | ** | GBP/EUR 1.1500; cong | S3 | 0.8555 | ** | 50% ret of May-Jul rally | |
| R1 | 0.8650 | ** | congestion | S4 | 0.8547/50 | ** | GBP/EUR 1.1700; cong |
Asterisk denotes strength of level
08:50 BST - Little change, as choppy trade extends pressure on congestion resistance at 0.8650. Intraday studies are rising, suggesting room for a test above here. But deteriorating daily readings and negative weekly charts are expected to limit scope in renewed selling interest beneath resistance at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700. Following cautious/choppy trade, fresh losses are looked for, with focus to turn towards 0.8620, (GBP/EUR 1.1600). A further break below critical support at 0.8600 would turn sentiment outright negative and confirm a near-term top in place at the 0.8752 current year high of 28 July.