Chart EUR/GBP Update: Gains to remain limited
The anticipated test of support at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700 is giving way to a bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8800 | ** | congestion | S1 | 0.8695/00 | * | GBP/EUR 1.1500; cong | |
| R3 | 0.8772 | * | GBP/EUR 1.1500 | S2 | 0.8670 | ** | congestion | |
| R2 | 0.8750 | * | congestion | S3 | 0.8645 | * | 6 Jan YTD low | |
| R1 | 0.8720 | * | congestion | S4 | 0.8620 | * | GBP/EUR 1.1600 |
Asterisk denotes strength of level
08:45 GMT - The anticipated test of support at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700 is giving way to a bounce, as oversold intraday studies turn higher, with prices currently trading around 0.8710. Daily stochastics and the daily Tension Indicator continue to rise, and oversold weekly stochastics are flattening, highlighting room for a retest of congestion resistance at 0.8720. But the falling weekly Tension Indicator should limit any break in renewed selling interest towards further congestion around 0.8750. Meanwhile, any immediate tests below 0.8695/00 should give way to consolidation above congestion support at 0.8670.