Chart EUR/GBP Update: Extending consolidation above 0.8547/50 - weekly studies under pressure
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8695/00 | ** | GBP/EUR 1.1500; break level | S1 | 0.8547/50 | * | GBP/EUR 1.1700; congestion | |
| R3 | 0.8650 | * | congestion | S2 | 0.8525 | * | 5 Sep (m) low | |
| R2 | 0.8620 | * | GBP/EUR 1.1600 | S3 | 0.8492/00 | ** | 23 Aug YTD low; congestion | |
| R1 | 0.8600 | * | congestion | S4 | 0.8475 | * | GBP/EUR 1.1800 |
Asterisk denotes strength of level
09:20 GMT - Little change, as mixed intraday studies prompt further consolidation above support at 0.8547, (GBP/EUR 1.1700), and congestion around 0.8550. Daily stochastics are edging higher, unwinding oversold areas, and the bearish daily Tension Indicator is flattening, suggesting potential for test higher towards resistance at congestion around 0.8600 and 0.8620, (GBP/EUR 1.1600). However, negative weekly charts are expected to prompt renewed selling interest within here. Following corrective trade, a break below 0.8547/50 is looked for, with focus to then turn to the 0.8525 monthly low of 5 September. Beneath here is critical support at the 0.8492 current year low of 23 August and congestion around 0.8500, where fresh consolidation could develop.