Chart EUR/GBP Update: Cautious trade - studies improving
Little change, as prices extend cautious trade within the 0.8547 - 0.8560 range
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8620 | * | GBP/EUR 1.1600 | S1 | 0.8547 | ** | GBP/EUR 1.1700 | |
| R3 | 0.8600 | ** | congestion | S2 | 0.8532 | * | 12 Aug (w) low | |
| R2 | 0.8585 | * | 30 Jul (m) high | S3 | 0.8520 | congestion | ||
| R1 | 0.8560 | congestion base | S4 | 0.8500 | ** | congestion |
Asterisk denotes strength of level
08:45 BST - Little change, as prices extend cautious trade within the 0.8547 - 0.8560 range. Rising daily stochastics highlight room for a break above resistance at the 0.8650 congestion base. But the flat daily Tension Indicator should limit initial scope in consolidation beneath the 0.8585 monthly high of 30 July. Rising weekly charts highlight room for later gains. But a close above here is needed to turn sentiment positive and confirm continuation of mid-July gains, initially towards congestion around 0.8600.
Meanwhile, support remains at 0.8547, (GBP/EUR 1.1700), and extends to the 0.8532 weekly low of 12 August. This range should underpin any immediate setbacks.