Chart EUR/GBP Update: Choppy trade
Anticipated minor gains have been pushed back from just above congestion resistance at 0.8720
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8800 | ** | congestion | S1 | 0.8695/00 | * | GBP/EUR 1.1500; cong | |
| R3 | 0.8772 | * | GBP/EUR 1.1500 | S2 | 0.8670 | ** | congestion | |
| R2 | 0.8750 | * | congestion | S3 | 0.8645 | * | 6 Jan YTD low | |
| R1 | 0.8720 | * | congestion | S4 | 0.8620 | * | GBP/EUR 1.1600 |
Asterisk denotes strength of level
08:50 GMT - Anticipated minor gains have been pushed back from just above congestion resistance at 0.8720, with prices once again balanced in choppy trade around support at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700. The daily Tension Indicator continues to rise, suggesting room for a fresh test higher. But unwinding overbought daily stochastics and mixed/negative weekly charts should limit scope in renewed selling interest beneath 0.8720. In the coming sessions, cautious trade is expected to turn down, with a break below 0.8695/00 targeting congestion around 0.8670. However, already oversold weekly stochastics are expected to limit any initial tests in consolidation.