Chart EUR/GBP Update: Daily studies rising
Little change, as prices extend consolidation around 0.8750
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8850 | * | GBP/EUR 1.1300 | S1 | 0.8740 | break level | ||
| R3 | 0.8840 | * | 20 Nov (w) high | S2 | 0.8720 | * | congestion | |
| R2 | 0.8800 | * | break level | S3 | 0.8695/00 | * | GBP/EUR 1.1500; cong | |
| R1 | 0.8772 | * | GBP/EUR 1.1400 | S4 | 0.8670 | ** | Oct congestion lows |
Asterisk denotes strength of level
08:45 GMT - Little change, as prices extend consolidation around 0.8750. Intraday studies are rising and daily readings are showing signs of improvement, highlighting potential for a break above towards 0.8772, (GBP/EUR 1.1400). However, negative weekly charts are expected to limit any further gains in renewed selling interest towards 0.8800. Following cautious/corrective trade, fresh losses are looked for. Support remains at 0.8720/40. A break will add weight to sentiment and extend mid-November losses towards support at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700. By-then oversold daily stochastics could limit any initial tests in consolidation, before losses extend still further.