Chart EUR/GBP Update: Consolidating - studies under pressure
The anticipated test above resistance at 0.8620, (GBP/EUR 1.1600), has been pushed back from beneath 0.8650
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8695 | ** | GBP/EUR 1.1500 | S1 | 0.8600 | ** | congestion | |
| R3 | 0.8670 | ** | 2 Jul (w) high | S2 | 0.8547/50 | * | GBP/EUR 1.1700; cong | |
| R2 | 0.8650 | intraday congestion | S3 | 0.8520 | * | congestion | ||
| R1 | 0.8620 | * | GBP/EUR 1.1600 | S4 | 0.8500 | * | congestion |
Asterisk denotes strength of level
08:50 BST - The anticipated test above resistance at 0.8620, (GBP/EUR 1.1600), has been pushed back from beneath 0.8650, with prices once again balanced around 0.8620. Intraday studies are turning down and daily readings remain under pressure, highlighting room for a test lower in the coming sessions. A break below congestion support at 0.8600 will open up strong support at 0.8547, (GBP/EUR 1.1700), and congestion around 0.8550. But rising weekly charts are expected to limit any initial tests in fresh consolidation. Meanwhile, congestion resistance at 0.8650 should continue to cap any immediate tests higher.