Chart EUR/GBP Update: Leaning lower
Consolidation following the test of resistance within congestion around 0.8600 and the 0.8610 Fibonacci retracement is giving way to a pullback
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8650 | * | congestion | S1 | 0.8560 | * | congestion | |
| R3 | 0.8620 | * | GBP/EUR 1.1600 | S2 | 0.8547 | ** | GBP/EUR 1.1700 | |
| R2 | 0.8610 | * | 38.2% ret of Nov-Jul fall | S3 | 0.8532 | * | 12 Aug (m) low | |
| R1 | 0.8600 | ** | congestion | S4 | 0.8520 | congestion |
Asterisk denotes strength of level
08:45 BST - Consolidation following the test of resistance within congestion around 0.8600 and the 0.8610 Fibonacci retracement is giving way to a pullback, as intraday studies turn down. Very close support is at congestion around 0.8580. But a tick lower in overbought daily stochastics highlight room for continuation down to further congestion around 0.8560. However, the positive daily Tension Indicator and improving weekly charts should limit any deeper losses in renewed buying interest/consolidation towards 0.8547, (GBP/EUR 1.1700).
Meanwhile, a close above 0.8600/10, if seen, will improve sentiment and extend July gains initially towards 0.8620, (GBP/EUR 1.1600).