Chart EUR/GBP Update: Under pressure
Consolidation is giving way to the anticipated drift lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8850 | * | GBP/EUR 1.1300 | S1 | 0.8750 | * | congestion | |
| R3 | 0.8840 | * | 20 Nov (w) high | S2 | 0.8720 | * | congestion | |
| R2 | 0.8800 | * | break level | S3 | 0.8695/00 | * | GBP/EUR 1.1500; cong | |
| R1 | 0.8772 | * | GBP/EUR 1.1400 | S4 | 0.8670 | ** | October range lows |
Asterisk denotes strength of level
08:45 GMT - Consolidation is giving way to the anticipated drift lower, with prices currently trading just beneath 0.8750. Daily readings are under pressure, highlighting room for a test of congestion support at 0.8720. But flat oversold weekly stochastics could limit any initial tests in consolidation, before the bearish weekly Tension Indicator and mixed/negative longer-term charts prompt further losses. A close beneath here will add weight to sentiment and extend November losses, initially towards strong support within the 0.8670 October range lows and 0. 0.8695/00. Meanwhile, resistance is at 0.8772, (GBP/EUR 1.1400), and should cap any immediate tests higher.