Chart EUR/GBP Update: Cautious trade - studies leaning lower
Little change, as prices extend consolidation following the test of resistance within congestion around 0.8600 and the 0.8610 Fibonacci retracement
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8650 | * | congestion | S1 | 0.8560 | * | congestion | |
| R3 | 0.8620 | * | GBP/EUR 1.1600 | S2 | 0.8547 | ** | GBP/EUR 1.1700 | |
| R2 | 0.8610 | * | 38.2% ret of Nov-Jul fall | S3 | 0.8532 | * | 12 Aug (m) low | |
| R1 | 0.8600 | ** | congestion | S4 | 0.8520 | congestion |
Asterisk denotes strength of level
08:45 BST - Little change, as prices extend consolidation following the test of resistance within congestion around 0.8600 and the 0.8610 Fibonacci retracement. Intraday studies are under pressure and daily readings are turning mixed/negative, highlighting a deterioration in sentiment and room for fresh losses in the coming sessions. A break below close support at 0.8580 will open up congestion support at 0.8560. Just lower is 0.8547, (GBP/EUR 1.1700). Rising weekly charts should limit any initial tests of this range in consolidation.
Meanwhile, a close above 0.8600/10, if seen, will improve sentiment and extend July gains initially towards 0.8620, (GBP/EUR 1.1600).