Chart EUR/GBP Update: Consolidating - studies under pressure

Asterisk denotes strength of level

08:55 BST - Minor gains have been pushed back from beneath resistance at 0.8450, as intraday studies turn mixed, with prices once again balanced in cautious trade above support at congestion around 0.8400 and 0.8403, (GBP/EUR 1.1900). Oversold daily stochastics are rising, suggesting potential for further consolidation above here, before the negative daily Tension Indicator and bearish 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, a close above 0.8450, if seen, will further stabilise price action and prompt consolidation beneath 0.8475.