Chart EUR/GBP Update: Consolidating - studies under pressure
Still little change, as prices extend consolidation above support at 0.8800
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8900 | * | congestion | S1 | 0.8800 | * | break level | |
| R3 | 0.8875 | * | April 2023 high | S2 | 0.8772 | * | GBP/EUR 1.1400 | |
| R2 | 0.8865 | * | 14 Nov YTD high | S3 | 0.8740 | intraday break level | ||
| R1 | 0.8850 | * | GBP/EUR 1.1300, cong | S4 | 0.8720 | * | congestion |
Asterisk denotes strength of level
08:45 GMT - Still little change, as prices extend consolidation above support at 0.8800. Daily stochastics and the daily Tension Indicator remain under pressure, highlighting room for a test beneath here. But rising weekly charts should limit scope in renewed buying interest/consolidation above 0.8772, (GBP/EUR 1.1400). A close beneath here, however, will add weight to sentiment and extend losses into 0.8720/40. Meanwhile, resistance remains at 0.8850 and extends to the 0.8865 current year high of 14 November. A close above here, not yet seen, will improve sentiment and extend December 2024 gains beyond the 0.8875 high of April 2023 towards congestion around 0.8900.