Published: 2024-01-03T08:44:52.000Z
Chart EUR/GBP Update: Consolidating - daily readings under pressure
Senior Technical Strategist
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Little change, as prices extend consolidation following the test of congestion support at 0.8650
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8772 | * | GBP/EUR 1.1400 | S1 | 0.8650 | * | congestion | |
| R3 | 0.8766 | ** | 16 Nov (m) high | S2 | 0.8620 | GBP/EUR 1.1600 | ||
| R2 | 0.8715 | ** | 76.4% ret of Nov-Dec fall | S3 | 0.8600 | * | congestion | |
| R1 | 0.8695/00 | ** | GBP/EUR 1.1600; cong | S4 | 0.8571 | 15 Dec low |
Asterisk denotes strength of level
08:40 GMT - Little change, as prices extend consolidation following the test of congestion support at 0.8650. Overbought daily stochastics are leaning lower, unwinding negative divergence, and the rising daily Tension Indicator is turning down, highlighting a deterioration in sentiment and room for a later break below 0.8650 towards 0.8620, (GBP/EUR 1.1600). Still lower is congestion around 0.8600, but this area could prompt fresh consolidation. Meanwhile, resistance remains up to 0.8695, (GBP/EUR 1.1600), and congestion around 0.8700. This area should continue to cap any immediate tests higher.