Chart EUR/GBP Update: Consolidating - room for a test lower
Still little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 0.8350
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8473/75 | ** | 20 Jan YTD high; GBP/EUR 1.1800 | S1 | 0.8350 | ** | congestion | |
| R3 | 0.8450 | * | congestion | S2 | 0.8333 | * | GBP/EUR 1.2000 | |
| R2 | 0.8430 | * | range lows | S3 | 0.8300 | * | congestion | |
| R1 | 0.8400/03 | ** | cong; GBP/EUR 1.1900 | S4 | 0.8265 | * | GBP/EUR 1.2100 |
Asterisk denotes strength of level
08:40 GMT - Still little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 0.8350. Daily readings continue to track lower, however, highlighting a bearish tone and room for fresh losses in the coming sessions. A later break below 0.8350 will open up 0.8333, (GBP/EUR 1.200). But rising weekly charts are expected to limit any tests in renewed buying interest/consolidation. A close beneath here, if seen, will add weight to sentiment and prompt a deeper corrective pullback towards congestion around 0.8300. Meanwhile, resistance remains at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900). Already overbought intraday studies should limit any tests in renewed selling interest.