Chart EUR/GBP Update: Under pressure
Anticipated losses have reached support at the 0.8740 intraday break level
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8850 | * | GBP/EUR 1.1300, cong | S1 | 0.8740 | intraday break level | ||
| 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 | ** | Oct congestion lows |
Asterisk denotes strength of level
08:55 GMT - Anticipated losses have reached support at the 0.8740 intraday break level, where a tick higher in oversold intraday studies is prompting a minor bounce. Daily readings continue to track lower and broader weekly charts are under pressure, suggesting any immediate bounce could be limited in renewed selling interest towards resistance at 0.8772, (GBP/EUR 1.1400). Following cautious trade, fresh losses are looked for. A break below 0.8740 will open up congestion around 0.8720, with room for continuation of mid-November losses towards 0.8695/00. Meanwhile, an unexpected close above 0.8772 will help to stabilise price action and prompt consolidation beneath 0.8800.