Chart EUR/GBP Update: Consolidating - studies under pressure
Little change, as prices extend consolidation above support at 0.8400/03
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8547 | GBP/EUR 1.1700 | S1 | 0.8400/03 | * | congestion; GBP/EUR 1.1900 | ||
| R3 | 0.8500 | ** | congestion | S2 | 0.8350 | * | congestion | |
| R2 | 0.8475 | ** | GBP/EUR 1.1800 | S3 | 0.8333 | * | GBP/EUR 1.2000 | |
| R1 | 0.8450 | * | break level | S4 | 0.8315 | ** | 28 Mar (w) low |
Asterisk denotes strength of level
08:45 BST - Little change, as prices extend consolidation above support at 0.8400/03. Overbought daily stochastics are unwinding, highlighting room for a test. But the positive daily Tension Indicator is expected to limit any immediate tests in fresh consolidation, before negative weekly charts prompt a break. A close below 0.8400/03 will add weight to sentiment and extend losses towards congestion support at 0.8350. Beneath here is 0.8333, (GBP/EUR 1.2000), where by-then oversold daily stochastics could prompt short-covering/consolidation. Meanwhile, resistance remains at 0.8450. An unexpected break above here will improve price action and open up a test of 0.8475, (GBP/EUR 1.1800).