Chart EUR/GBP Update: Consolidating gains - studies continue to rise
The test of resistance at the 0.8464 monthly high of 11 September and 0.8475, (GBP/EUR 1.1800), has given way to consolidation around 0.8455
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8547 | ** | GBP/EUR 1.1700 | S1 | 0.8435 | break level | ||
| R3 | 0.8500 | ** | break level | S2 | 0.8400/03 | cong; GBP/EUR 1.1900 | ||
| R2 | 0.8475 | * | GBP/EUR 1.1800 | S3 | 0.8350 | ** | congestion | |
| R1 | 0.8464 | * | 11 Sep (m) high | S4 | 0.8333 | * | GBP/EUR 1.2000 |
Asterisk denotes strength of level
08:45 GMT - The test of resistance at the 0.8464 monthly high of 11 September and 0.8475, (GBP/EUR 1.1800), has given way to consolidation around 0.8455, as intraday studies turn mixed. Daily readings continue to improve and broader weekly charts are also rising, highlighting a positive tone and room for further strength in the coming sessions. A break above this area will further improve price action and open up 0.8500. However, already overbought daily stochastics should limit any immediate continuation beyond here in profit-taking/consolidation towards 0.8547, (GBP/EUR 1.1700). Meanwhile, support is raised to 0.8435. A break beneath here, if seen, will turn sentiment neutral and prompt consolidation above 0.8400/03.