Chart EUR/GBP Update: Limited tests higher
Cautious trade has given way to a break back above 0.8547/50
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.8650 | * | congestion | S1 | 0.8547/50 | ** | GBP/EUR 1.1700; congestion | |
R3 | 0.8620 | * | GBP/EUR 1.1600 | S2 | 0.8525 | * | break level | |
R2 | 0.8600 | * | congestion | S3 | 0.8500 | ** | congestion | |
R1 | 0.8580 | minor congestion | S4 | 0.8492 | ** | 23 Aug 2023 (y) low | ||
Asterisk denotes strength of level
08:45 BST - Cautious trade has given way to a break back above 0.8547/50, with prices currently balanced in cautious just above here whilst overbought intraday studies flatten. Oversold daily stochastics are attempting to unwind, suggesting room for a further test higher. However, the falling daily Tension Indicator and mixed weekly charts are expected to limit immediate gains in renewed selling interest beneath congestion around 0.8600. Meanwhile, a close back below 0.8547/50 will add weight to sentiment. But a further close below 0.8525 is needed to turn price action outright negative and put focus back on critical support at the 0.8492 year low of 23 August 2023 and congestion around 0.8500.