Chart EUR/GBP Update: Under pressure
Consolidation within the 0.8650/72 barrier has given way to a break lower
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8737 | ** | 11 Apr (m) high | S1 | 0.8620 | * | GBP/EUR 1.1600 | |
| R3 | 0.8695 | ** | GBP/EUR 1.1500 | S2 | 0.8600 | ** | cong, 38.2% ret | |
| R2 | 0.8672 | * | 22 Aug (w) high | S3 | 0.8555 | ** | 50% ret of May-Jul rally | |
| R1 | 0.8650 | ** | congestion | S4 | 0.8547/50 | ** | GBP/EUR 1.1700; cong |
Asterisk denotes strength of level
08:50 BST - Consolidation within the 0.8650/72 barrier has given way to a break lower, with prices currently balanced around 0.8635. Daily readings are mixed, suggesting further consolidation into the coming sessions. But broader weekly charts are under pressure, pointing to room for a later break towards strong support at 0.8600. A further close beneath here will confirm a near-term top in place at the 0.8752 current year high of 28 July, with late-July losses to then target the 0.8555 Fibonacci retracement. Meanwhile, an unexpected close above the 0.8672 weekly high of 22 August will open up 0.8695, (GBP/EUR 1.1500), where fresh selling interest is expected to appear.