The Honor Band 4 wants to give you all-round fitness tracking chops on a budget

Honor has unveiled a new fitness tracker, complete with a full-colour display, sleep monitoring and a budget price tag.

The Honor Band 4, which will launch in Europe later this month, is the first tracker from the company to feature an AMOLED colour screen, with the 0.95-inch display showing off daily activity stats and allowing users a look at their notifications. An NFC chip for contactless payments and a 100mAh battery are packed inside, too.

Read this: The best budget fitness trackers

And while the standard features are all in tow on the new Honor device, there's also a couple more noteworthy elements: the heart rate monitor, water resistance (up to 50 metres) and sleep tracking have all been retained for this generation.

Interestingly, Honor indicates that its TruSleep feature is now able to identify and provide advice on sleeping issues such as insomnia and other irregular sleeping habits, as well as tell you how long you spent in the REM stage of sleep.

So, that's all the encouraging stuff. But aside from the new screen, not much has really changed here. We still don't have built-in GPS, or specific details over the battery life, and, of course, we don't yet have an idea of how well the software performs in practice.

The big lure for potential buyers is still the price, which Honor says will sit at £59.99, the same as last year's Honor Band 3. There's stern competition, though, in the form of the Garmin Vivofit 4, Fitbit Flex 2 and feature-packed Xiaomi Mi Band 3.

Stay tuned for our full review of the Honor Band 4, as we look to decipher where it rests in the budget fitness tracker pantheon.