Chart EUR/GBP Update: Extending gains in GBP-driven trade
Anticipated gains are extending in GBP-driven trade
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 0.8695/00 | ** | GBP/EUR 1.1600; congestion | S1 | 0.8600 | * | congestion | |
R3 | 0.8665 | ** | 76.4% ret of Dec-Feb fall | S2 | 0.8580 | minor congestion | ||
R2 | 0.8645/50 | * | 23 Apr (m) high; congestion | S3 | 0.8547/50 | ** | GBP/EUR 1.1700; congestion | |
R1 | 0.8620 | * | GBP/EUR 1.1600 | S4 | 0.8525 | * | break level | |
Asterisk denotes strength of level
08:45 BST - Anticipated gains are extending in GBP-driven trade, with the break above 0.8600 putting focus on 0.8620, (GBP/EUR 1.1600). Intraday studies are already overbought, suggesting any immediate tests could give way to consolidation. However, daily readings are positive, pointing to room for a later break and continuation towards strong resistance at 0.8645/50. Mixed weekly charts, however, could limit any tests of here in fresh selling interest/consolidation. Meanwhile, support is down to 0.8580 and is expected to underpin any immediate setbacks. A close beneath here would turn price action neutral and prompt range trade above stronger support at 0.8547/50.