Chart EUR/GBP Update: Consolidating - background studies under pressure
The anticipated minor test higher has been pushed back from just below congestion resistance at 0.8750
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8840 | * | 20 Nov (w) high | S1 | 0.8720 | * | congestion | |
| R3 | 0.8800 | * | break level | S2 | 0.8695/00 | * | GBP/EUR 1.1500; cong | |
| R2 | 0.8772 | * | GBP/EUR 1.1400 | S3 | 0.8670 | ** | October range lows | |
| R1 | 0.8750 | * | congestion | S4 | 0.8620 | * | GBP/EUR 1.1600 |
Asterisk denotes strength of level
08:45 GMT - The anticipated minor test higher has been pushed back from just below congestion resistance at 0.8750, with prices currently balanced around congestion support at 0.8720. Intraday studies are under pressure, , highlighting room for a test of support at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700. However, mixed/positive daily readings are expected to limit any initial tests in consolidation, before bearish weekly charts prompt further losses. A close below stronger support at the 0.8670 range lows from October would add weight to sentiment and extend November losses towards 0.8600/20. Meanwhile, a close above 0.8750, if seen, will help to stabilise price action and prompt consolidation beneath 0.8772, (GBP/EUR 1.1400).