Published: 2024-10-17T07:55:00.000Z
Chart EUR/GBP Update: Consolidating sharp gains
Senior Technical Strategist
1
Sharp gains have met selling interest beneath strong resistance at 0.8400/03
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 0.84350 | * | congestion | S1 | 0.8350 | break level | ||
R3 | 0.8435 | 3 Oct high | S2 | 0.8333 | * | GBP/EUR 1.2000 | ||
R2 | 0.8425 | congestion | S3 | 0.8310 | 1 Oct YTD low | |||
R1 | 0.8400/03 | ** | congestion; GBP/EUR 1.1900 | S4 | 0.8300 | * | congestion |
Asterisk denotes strength of level
08:40 BST - Sharp gains have met selling interest beneath strong resistance at 0.8400/03, as overbought intraday studies unwind, with prices currently balanced just above 0.8350. Overbought intraday studies are unwinding, suggesting potential for a test beneath here. But mixed daily and weekly readings are expected to limit any losses in fresh consolidation above 0.8333, (GBP/EUR 1.2000). Meanwhile, resistance at 0.8400/03 should cap any fresh tests higher.