Chart EUR/GBP Update: Under pressure
The anticipated test of congestion support at 0.8650 is giving way to consolidation
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8766 | ** | November 2023 high | S1 | 0.8650 | ** | congestion | |
| R3 | 0.8752~ | ** | 28 Jul YTD high | S2 | 0.8620 | * | GBP/EUR 1.1600 | |
| R2 | 0.8737 | ** | 11 Apr (m) high | S3 | 0.8600 | ** | cong, 38.2% ret | |
| R1 | 0.8695 | ** | GBP/EUR 1.1500 | S4 | 0.8555 | ** | 50% ret of May-Jul rally |
Asterisk denotes strength of level
09:05 BST - The anticipated test of congestion support at 0.8650 is giving way to consolidation, as negative intraday studies stabilise, with prices currently trading around 0.8655. Daily stochastics and the daily Tension Indicator are under pressure, and overbought weekly stochastics are turning down, highlighting room for a later break beneath 0.8650, with focus to then turn to 0.8620, (GBP/EUR 1.1600), and stronger support at 0.8600. Initial tests of this range should give way to consolidation. However, the weekly Tension Indicator is turning down, pointing to potential for a later break and continuation of late July losses. Meanwhile, resistance remains at 0.8695, (GBP/EUR 1.1500). A close back above here, if seen, should give way to consolidation beneath 0.8737/52~.