Chart EUR/GBP Update: Lower in cautious trade
The test of resistance at the 0.8375 break level failed to extend higher
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8450 | * | congestion | S1 | 0.8350 | ** | congestion | |
| R3 | 0.8430 | * | range lows | S2 | 0.8333 | * | GBP/EUR 1.2000 | |
| R2 | 0.8400/03 | ** | cong; GBP/EUR 1.1900 | S3 | 0.8315 | * | 28 Mar (w) low | |
| R1 | 0.8375 | * | break level | S4 | 0.8300 | * | congestion |
Asterisk denotes strength of level
08:50 BST - The test of resistance at the 0.8375 break level failed to extend higher, as intraday studies turn down, with prices settling lower into fresh consolidation around congestion support at 0.8350. Rising daily stochastics are flattening and the daily Tension Indicator is coming under pressure, highlighting room for fresh tests lower in the coming sessions. A break beneath 0.8350 will open up 0.8333, GBP/EUR 1.2000). But mixed weekly charts are expected to limit any initial tests in consolidation. A close beneath here would add weight to sentiment and extend March losses towards congestion around 0.8300. Meanwhile, a close above 0.8375 would improve price action and prompt a run towards strong resistance at 0.8400/03.