Chart EUR/GBP Update: Consolidating sharp gains
Consolidation above support within the 0.8613 monthly low of 4 February and 0.8620, (GBP/EUR 1.1600), has given way to a bounce
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8730 | minor congestion | S1 | 0.8650 | * | congestion | ||
| R3 | 0.8715~ | * | 4-5 Mar high | S2 | 0.8613/20 | ** | 4 Feb (m) low; GBP/EUR 1.1600 | |
| R2 | 0.8695/00 | * | GBP/EUR 1.1500; cong | S3 | 0.8600 | * | congestion | |
| R1 | 0.8670 | * | congestion | S4 | 0.8547 | * | GBP/EUR 1.1700 |
Asterisk denotes strength of level
09:10 GMT - Consolidation above support within the 0.8613 monthly low of 4 February and 0.8620, (GBP/EUR 1.1600), has given way to a bounce, with prices testing above congestion resistance at 0.8670 before settling into choppy trade around 0.8665. Daily readings are rising, suggesting room for a retest above 0.8670. However, negative weekly charts should limit scope in renewed selling interest beneath strong resistance at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700. Meanwhile, support is raised to congestion around 0.8650. But any immediate break back beneath here should give way to consolidation within congestion above 0.8613/20.