Chart EUR/GBP Update: Consolidating - studies leaning lower
Still little change, as mixed/negative intraday studies keep near-term sentiment cautious
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.8865 | * | 14 Nov YTD high | S1 | 0.8772 | * | GBP/EUR 1.1400 | |
| R3 | 0.8850 | * | GBP/EUR 1.1300, cong | S2 | 0.8740 | intraday break level | ||
| R2 | 0.8840 | * | 20 Nov (w) high | S3 | 0.8720 | * | congestion | |
| R1 | 0.8800 | * | break level | S4 | 0.8695/00 | * | GBP/EUR 1.1500; cong |
Asterisk denotes strength of level
08:55 GMT - Still little change, as mixed/negative intraday studies keep near-term sentiment cautious and extend consolidation above support at 0.8772, (GBP/EUR 1.1400). Daily readings continue to track lower and overbought weekly stochastics are unwinding, highlighting a deterioration in sentiment and room for fresh losses in the coming sessions. A close below 0.8772 will add weight to sentiment and extend losses into 0.8720/40. Meanwhile, resistance remains at the 0.8800 break level. A close above here would help to stabilise price action and prompt fresh consolidation beneath resistance at the 0.8840 weekly high of 20 November and 0.8850, (GBP/EUR 1.1300).