Chart EUR/GBP Update: Leaning lower
The break below 0.8720 is giving way to consolidation above support at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8800 | * | break level | S1 | 0.8695/00 | * | GBP/EUR 1.1500; cong | |
| R3 | 0.8772 | * | GBP/EUR 1.1400 | S2 | 0.8670 | ** | October range lows | |
| R2 | 0.8750 | * | congestion | S3 | 0.8620 | * | GBP/EUR 1.1600 | |
| R1 | 0.8720 | * | congestion | S4 | 0.8600 | ** | break level |
Asterisk denotes strength of level
09:35 GMT - The break below 0.8720 is giving way to consolidation above support at 0.8695, (GBP/EUR 1.1500), and congestion around 0.8700. Daily readings are under pressure, highlighting room for continuation down to stronger support at the 0.8670 range lows from October. However, oversold daily stochastics could limit any initial tests in consolidation, before negative weekly charts prompt still deeper losses. A close beneath here would add weight to sentiment and extend November losses towards 0.8600/20. Meanwhile, a close back above 0.8720 would help to stabilise price action and prompt consolidation beneath further congestion around 0.8750.