Chart EUR/GBP Update: Consolidating gains - studies rising
Consolidation around 0.8695/00 has given way to anticipated gains
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8800 | ** | congestion | S1 | 0.8695/00 | * | GBP/EUR 1.1500; cong | |
| R3 | 0.8790 | ** | 27 Feb YTD high | S2 | 0.8670 | * | congestion | |
| R2 | 0.8772 | * | GBP/EUR 1.1400 | S3 | 0.8650 | * | congestion | |
| R1 | 0.8750 | ** | congestion | S4 | 0.8613/20 | ** | 4 Feb (m) low; GBP/EUR 1.1600 |
Asterisk denotes strength of level
09:15 BST - Consolidation around 0.8695/00 has given way to anticipated gains, with prices reaching 0.8740 before settling into choppy consolidation around 0.8730. Overbought daily stochastics are flattening, suggesting a cautious tone, before the rising daily Tension Indicator and improving weekly charts prompt further gains. A break above congestion resistance at 0.8750 will open up 0.8772, (GBP/EUR 1.1400). But overbought daily stochastics should limit any immediate break above here in renewed profit-taking towards the 0.8790 current year high of 27 February. Meanwhile, support is down to 0.8695/00 and should underpin any immediate setbacks.