Chart EUR/GBP Update: Leaning lower in range
Still little change, as prices extend cautious trade within the 0.8650/00 range
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8765/72 | ** | Nov 2023 high; GBP/EUR 1.1400 | S1 | 0.8650 | ** | congestion | |
| R3 | 0.8752 | ** | 28 Jul YTD high | S2 | 0.8620 | * | GBP/EUR 1.1600 | |
| R2 | 0.8737 | ** | 11 Apr (m) high | S3 | 0.8600 | ** | cong, 38.2% ret | |
| R1 | 0.8695/00 | ** | GBP/EUR 1.1500; cong | S4 | 0.8555 | ** | 50% ret of May-Jul rally |
Asterisk denotes strength of level
08:45 BST - Still little change, as prices extend cautious trade within the 0.8650/00 range. Intraday studies are turning down and daily stochastics are under pressure, highlighting room for a drift lower to congestion support at 0.8650. But the positive daily Tension Indicator could limit any initial tests in consolidation, before deteriorating weekly charts prompt a break and open up 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. Meanwhile, resistance remains at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700. This tight range should cap any immediate tests higher.