Chart EUR/GBP Update: Leaning lower
Little change, as prices extend consolidation around congestion support at 0.8650
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8750 | * | congestion | S1 | 0.8650 | * | congestion | |
| R3 | 0.8715~ | * | 4-5 Mar high | S2 | 0.8613/20 | ** | 4 Feb YTD low; GBP/EUR 1.1600 | |
| R2 | 0.8695/00 | * | GBP/EUR 1.1500; cong | S3 | 0.8600 | * | congestion | |
| R1 | 0.8670 | * | congestion | S4 | 0.8547 | * | GBP/EUR 1.1700 |
Asterisk denotes strength of level
09:05 GMT - Little change, as prices extend consolidation around congestion support at 0.8650. Intraday studies have turned down and daily readings are also under pressure, highlighting room for a break beneath here. Focus will then turn to critical support at the 0.8613 current year low of 4 February and 0.8620, (GBP/EUR 1.1600). Already oversold daily stochastics could limit any initial tests in consolidation, before negative weekly charts prompt a break and extend November losses below 0.8600. Meanwhile, resistance remains at congestion around 0.8670. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath 0.8695/00.