Chart EUR/GBP Update: Edging higher
Choppy trade around 0.8680 has given way to a sharp run higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8772 | ** | GBP/EUR 1.1400 | S1 | 0.8695/00 | ** | GBP/EUR 1.1500; cong | |
| R3 | 0.8765 | ** | November 2023 high | S2 | 0.8650 | ** | congestion | |
| R2 | 0.8752 | ** | 28 Jul YTD high | S3 | 0.8620 | * | GBP/EUR 1.1600 | |
| R1 | 0.8737 | ** | 11 Apr (m) high | S4 | 0.8600 | ** | cong, 38.2% ret |
Asterisk denotes strength of level
08:45 BST - Choppy trade around 0.8680 has given way to a sharp run higher, with prices extending the break above 0.8695/00 to currently trade around 0.8615. Daily stochastics are rising and the flat daily Tension Indicator is showing early signs of improvement, suggesting room for a test of critical resistance at the 0.8752 current year high of 28 July and the 0.8765 high of November 2023. However, negative weekly charts should limit any initial tests in consolidation. A close above here, if seen, would turn sentiment positive and extend December 2024 gains beyond 0.8772, (GBP/EUR 1.1400). Meanwhile, any tests below 0.8695/00 should be limited in consolidation above congestion support at 0.8650.