Chart EUR/GBP Update: Immediate gains to remain limited
The anticipated break below congestion support at 0.8520 has not been seen
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8620 | * | GBP/EUR 1.1600 | S1 | 0.8520 | congestion | ||
| R3 | 0.8600 | ** | congestion | S2 | 0.8500 | ** | congestion | |
| R2 | 0.8575 | * | 23 Jun (w) high | S3 | 0.8475 | ** | GBP/EUR 1.1800 | |
| R1 | 0.8547/50 | * | GBP/EUR 1.1700; cong | S4 | 0.8450 | * | break level |
Asterisk denotes strength of level
08:55 BST - The anticipated break below congestion support at 0.8520 has not been seen, as intraday studies turn higher once again, with prices currently pressuring resistance at 0.8547, (GBP/EUR 1.1700), and congestion around 0.8550. A break above here cannot be ruled out. But negative daily readings are expected to limit initial scope in renewed consolidation beneath the 0.8575 weekly high of 23 June. Broader weekly charts are rising, but a close above here is needed to turn sentiment positive and extend late-May gains towards congestion around 0.8600. Meanwhile, support remains at congestion around 0.8520 and extends to 0.8500. This range should underpin any immediate setbacks.