Chart EUR/GBP Update: Gains to remain limited
Little change, as prices extend cautious trade
| 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 cautious trade above support at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900). Rising intraday studies highlight room for a test higher. But negative daily readings and deteriorating weekly charts are expected to limit scope in renewed selling interest towards 0.8450. Following cautious trade, fresh losses are looked for. A close below 0.8400/03 will add weight to sentiment and extend April losses initially towards congestion around 0.8350. Still lower is 0.8333, (GBP/EUR 1.2000), where oversold daily stochastics could prompt short-covering/consolidation. Meanwhile, a close above 0.8450, if seen, will further stabilise price action and prompt consolidation beneath 0.8475.