Chart EUR/GBP Update: Choppy trade - room for a minor test lower
Still little change, as prices extend cautious/choppy trade within resistance at 0.8695/00 - 0.8720
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8800 | ** | break level | 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 | 0.8640 | * | congestion | |
| R1 | 0.8720 | * | congestion | S4 | 0.8610/20 | * | 50% ret; GBP/EUR 1.1600 |
Asterisk denotes strength of level
11:50 GMT - Still little change, as prices extend cautious/choppy trade within resistance at 0.8695/00 - 0.8720. Intraday studies are leaning lower and overbought daily stochastics are flattening, suggesting room for a test lower in the coming sessions. A break below 0.8695/00 will open up congestion around 0.8670. But the positive daily Tension Indicator and improving weekly charts should limit any initial tests in renewed buying interest/consolidation. Meanwhile, resistance remains at congestion around 0.8720. But a close above further congestion around 0.8750 is needed to improve sentiment and extend February gains initially to 0.8772, (GBP/EUR 1.1500).