Chart EUR/GBP Update: Further consolidation - studies under pressure
Still little change, as prices extend cautious trade above support at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900)
| 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
08:50 BST - Still 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 further cautious trade above here, before negative daily readings and deteriorating weekly charts prompt a break. 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, resistance remains at 0.8450. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath 0.8475.